Stocks are pointing to a slightly lower start to the week, as investors face a who’s who of earnings this week.
Even if markets reach the end of earnings season without a big meltdown, investors shouldn’t think the coast is clear for stocks. That’s according to our call of the day from Miller Tabak + Co.’s chief market strategist Matt Maley who sees equity headwinds even without an earnings disaster. But even if 2023 earnings estimates don’t slump in the near future, he doesn’t expect they will stay elevated for too long. In any case, with the S&P 500 trading at 19 times forward earnings and nearly 20 times trailing earnings — estimates based on the last 12 months of a company’s earnings — stocks are still too expensive, he says.
Read: Stock-market investors scan these early recession indicators for signs the U.S. economy will crack. You should, too. Monday’s data calendar is empty, but Tuesday will bring a batch of housing data and on Friday we’ll get the Fed’s favorite inflation gauge — the PCE price index, one of the last big indicators ahead of next week’s Fed meeting.
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