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Lofty U.S. stocks leave investors punishing earnings disappointments

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Earnings reports have been ‘pretty good,’ said Rick Meckler, partner at Cherry Lane Investments, but warns that ‘anyone that’s missed in any way is paying a pretty heavy price’

Richly valued U.S. stocks are leaving investors with little tolerance for disappointment, raising the stakes ahead of a week in which two more technology and growth giants are set to report.on Thursday helped propel the S&P 500 to its biggest weekly gain since early November following its first 5 per cent pullback of the year. The S&P 500 is up about 7 per cent in 2024 and some 24 per cent since late October..

More earnings are in store in the coming week from the so-called Magnificent Seven group of companies that drove markets higher last year. Amazonreports on Tuesday and Apple on Thursday. On Wednesday, the Federal Reserve will release its latest monetary policy statement after concluding its two-day meeting.

Rising Treasury yields could be another factor. Companies’ projected future profits are more heavily discounted in analysts’ models when bond yields rise, as investors can now get a higher reward from risk-free government debt. The benchmark 10-year Treasury yield hit 5.74 per cent this week, its highest level since early November, following more evidence of stronger than expected inflation.

Corporate profits are “coming through at a level that can provide support for the market and kind of overcome some of the wobbliness in the inflation and the interest rate environment here,” Carlson said.

 

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