companies overall are expected to have increased earnings by 1.3% from a year ago, according to LSEG IBES. Though tepid, it would mark a pickup after three quarters of flat or declining profits.
"You've had a rate shock, you've had a confidence shock," Miskin said. "The economy has held up okay, but you need to see it come through in the numbers to support equities." Treasury yields have surged to 16-year highs, dulling the allure of stocks by offering investors comparatively high income on risk-free government bonds.
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Analysis-Expected rise in US earnings could be balm for stocks after rough stretchAnalysis-Expected rise in US earnings could be balm for stocks after rough stretch
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