Brace for ‘choppy’ market ‑Analysts trim S&P 500 earnings

Anoth­er crack may be emerg­ing in the U.S. stock market.

“We don’t want to make too much of this (yet), but Wall Street ana­lysts actu­al­ly cut their Q3 2021 earn­ings esti­mates for the S&P 500 last week,” Data­Trek co-founder Nicholas Colas wrote in a note Mon­day. “This, along with slow­ing eco­nom­ic growth, will make for fur­ther volatility.”

Last week’s slight­ly revised earn­ings expec­ta­tions for the third quar­ter were due to adjust­ments made by ana­lysts in the indus­tri­als and mate­ri­als sec­tors, accord­ing to the note. Con­sid­er­ing cur­rent val­u­a­tions of the S&P 500, Data­Trek said U.S. stocks need the “tail­wind of ris­ing earn­ings expec­ta­tions” as well as com­pa­nies beat­ing estimates.

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