Stock Pickers Sidelined With World Events Overshadowing Earnings

-- Earnings season typically is the time when investors can look past macroeconomic forces and focus on company-specific news moving stocks. This quarter, however, is turning out to be anything but typical.Individual shares have, of course, reacted to earnings announcements in the week or so since Corporate America started reporting results.

“Macro is dominating the narrative again,” Quincy Krosby, chief global strategist at LPL Financial, said by phone. “The situation in the Middle East obviously weighs on sentiment.” Discerning winners from losers, at least in the immediate aftermath of corporate results, has been challenging: For example, 92% of the S&P 500 members rose Monday, and three other days since Oct. 13 saw at least 82% of shares moving in the same direction.Investors are looking to earnings next week from a slew of Big Tech giants for signs of whether Wall Street projections are too optimistic since the market has been punishing results that fall short of expectations.

The all-or-nothing days, a feature of the stock-market rout in 2022, have become more pronounced since the breakout of war in the Mideast, but they’ve been staging a comeback since mid-September. He points to positive Wall Street revisions to profit outlooks for the firms such as Apple Inc. and Microsoft Corp. over the past month as a sign of strong fundamentals in the group despite the worrisome global backdrop.

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