With first-quarter U.S. earnings in the final stretch, corporate growth expectations for the current quarter and 2022 mostly are declining as costs surge for oil and other supplies and interest rates rise.
Amazon delivered a disappointing quarter and outlook, saying it was swamped by higher costs to run its warehouses and deliver packages. “There will be more downside given the oil shock that we saw,” said Ohsung Kwon, U.S. equity strategist at BofA Securities in New York. But, according to BofA data, the three-month ratio of above-consensus corporate guidance versus below-consensus guidance fell in April to its lowest level since June 2020.
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