Wall Street slides as focus shifts to earnings | Malay Mail

  • 📰 malaymail
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 86%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

NEW YORK, April 14 ― US stocks fell in subdued trading yesterday after a strong rally last week, as US companies prepared to kick off a widely expected painful quarterly earnings season due to the coronavirus pandemic. The S&P banking subsector shed 4 per cent with JPMorgan Chase & Co and...

The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York. — Reuters pic

Earnings for S&P 500 firms are expected to tumble 10.2 per cent in the first quarter, compared with a January 1 forecast of a 6.3 per cent rise, before plummeting 22.4 per cent in the second quarter as sweeping lockdowns halt business activity and spark furloughs. Volume was lighter than usual with European and other markets still closed following Easter Sunday, but investors “also are facing another phase for the market, and that is the earnings season,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

New York Governor Andrew Cuomo said yesterday he believed “the worst is over” as hospitalizations appeared to be reaching a plateau in the worst-hit US state, adding that he would announce a coordinated plan on reopening businesses.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street tumbles as investors brace for dour earnings | Malay MailNEW YORK, April 13 — Wall Street’s main indexes slipped today as corporate America launches into what is expected to be a painful quarterly earnings season due to the coronavirus pandemic. JPMorgan Chase & Co and Wells Fargo & Co will kick off the reporting season on Tuesday, with...
Source: malaymail - 🏆 1. / 86 Read more »