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Wall Street tumbles as investors brace themselves for dour earnings

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NEW YORK (REUTERS) - Wall Street's main indexes slipped on Monday (April 13) as corporate America launches into what is expected to be a painful quarterly earnings season due to the coronavirus pandemic.. Read more at straitstimes.com.

NEW YORK - 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 9.0% in the first quarter, compared with a Jan. 1 forecast of a 6.3 per cent rise, before plummeting 20.7 per cent in the second quarter as sweeping lockdowns halt business activity and spark furloughs. "The raft of stimulus from the Federal Reserve has distorted stock prices, which have become disconnected from fundamentals.

The outbreak could reach its US 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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