Inflation data showing U.S. consumer prices rising less than expected in March may have come as a relief to markets, but some investors believe it may take a strong corporate earnings season to push stocks higher decisively.
“We will have a lot of clarity over the next seven days when you have most major banks reporting,” said Jake Schurmeier, a portfolio manager at Harbor Capital Advisors. “If the banks are proving that they are growing and lending and have confidence in the credit outlook, that will be a much stronger sign that the Fed may be able to achieve a soft landing.”
“From an equity market standpoint, is in line and already priced by the market, so we do not see this as a catalyst for valuations to expand much further,” wrote Matt Peron, director of research at Janus Henderson Investors, in a Wednesday note.The upcoming earnings season kicks off on April 14 with results from big Wall Street banks including JPMorgan Chase , Citigroup Inc and Wells Fargo, which investors will scrutinize to gauge the effects of last month’s banking crisis.
Overall, analysts expect S&P 500 earnings to fall 5.2% in the first quarter of 2023 from the year-ago period, I/B/E/S data from Refinitiv as of April 7 showed.
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Video: Wall Street bank earnings under pressure after crisisSome Wall Street banks are likely to report lower quarterly earnings and face a dour outlook for the rest of the year, with last month's regional banking crisis and a slowing economy expected to hurt profitability.
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