On Friday, stocks on Wall Street retreated as concerns over inflation and geopolitical tensions weighed and a broader decline in banking stocks weighed on investor sentiment.declined by 1.62%, finishing at 16,175.09. During the session, the Dow momentarily dipped by nearly 582 points, indicating a 1.51% loss, and the S&P 500 had slid by as much as 1.75%.
“We expect a strong retail sales print, but risks are to the downside,” Bank of America strategists said in a Monday note. BofA strategists said Monday that the equity market has been macro-driven over the past two years, however, recent signs have indicated that earnings data is becoming the primary driver, “ with EPS driving 53% of the S&P 500 return YoY in March,” they noted.
“Given that the rally in equities since October has largely been a function of higher multiples as rates came down, it’s rational to assume that multiples may now face headwinds if rates rise further.”: “In a break from recent norms, though, the activity momentum firmed up during the quarter, as seen in rising global PMIs - middle chart. This improvement, combined with the reduced earnings hurdle rate on the back of lowered expectations, is suggesting that we will get earnings beats.
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