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More than 30% of US companies are blaming tariffs for disappointing Q2 profits, and Wells Fargo believes it's about to get worse

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Lousy earnings? Wells Fargo sees the trade war becoming a bigger 'scapegoat' (via TradingNation)

as groups that will blame trade war fallout for potential trouble. Yet, he's also including them among his favorites.

"We want to be in sectors that are still sensitive to a continuation of this expansion. So, if we were to get some kind of pullbacks, we're looking at that as an opportunity," he said. "It's just the nature of these kinds of earning seasons that companies try to hang their hat on something and try to find something to blame for poor results."year-end target suggests there is more downside than upside ahead.

 

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