Companies appear to have set themselves up for the worst by warning investors of softer profit growth this quarter, but they may have gone too far, as they often do, and earnings are topping forecasts.
The earnings season began this week, with 43 S&P 500 companies reporting as of Wednesday morning, and a whopping 84% beating analysts' estimates. Refinitiv's S&P 500 earnings growth forecast had been negative 0.3% at one point, but with the actual reports and forecasts for the rest of the S&P, second quarter earnings look set to growth about 0.4%, a number that could continue to rise.
"After such a great run and the summer doldrums, I wouldn't' be surprised to see a modest pullback here. I guess the way to think about it is we're a little cautious, but we think stock prices will work higher over the course of the year," said Keon.is up about 19.5% for the year so far, and for July, it is up 1.8% after a 7% gain in the month of June.
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Try as they might, the lying MSM just can’t kill this market rally.
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