Wall Street tumbles as investors brace for dour earnings

REUTERS: Wall Street's main indexes slipped on Monday as corporate America launches into what is expected to be a painful quarterly earnings season due to the coronavirus pandemic.

Overall, earnings for S&P 500 firms are expected to tumble 9.0per cent in the first quarter, compared with a Jan. 1 forecast of a 6.3per cent rise, before plummeting 20.7per cent in the second quarter as sweeping lockdowns halt business activity and spark furloughs. The S&P 500 has recovered about 26per cent since hitting a three-year low in March, powered by aggressive U.S. monetary and fiscal stimulus and early signs of a potential peaking in U.S. coronavirus cases, but remains about 18per cent below its mid-February record high amid fears of a deep global recession."The raft of stimulus from the Federal Reserve has distorted stock prices, which have become disconnected from fundamentals.

The outbreak could reach its U.S. peak this week, a top health official said on Monday, as the White House considers when and how to lift stay-at-home restrictions.

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