Daily Market Update
with JJ Kinahan

6 min read

After Record High Close, Market Absorbs Possible Headwind From Boeing

Back to the Drawing Board on Earnings? It might be interesting to see if earnings estimates for Q1 start to change in the days ahead after Tuesday’s rush of better-than-expected resuslts from key companies. Of course, there’s a long way to go until the end of earnings season, but we’ll be about 50% of the way there by the end of the week. Upside earnings surprises have seemed like the rule so far, not the exception, in a season when many analysts had predicted a moderate overall decline in year-over-year S&P 500 earnings results. Earnings are down year-over-year, but how much they’ll ultimately fall remains a moving target. 

Early this week, FactSet predicted that assuming earnings surprises are at “average levels” this season, overall S&P 500 earnings would be down “slightly” in Q1. But “slightly” is a lot better than a 4% or worse decline that many analysts had predicted before the season started. Hopes that the patient might be among the walking wounded rather than in a hospital bed could help explain the S&P 500 Index’s (SPX) rise to near record highs Tuesday.

Home Brew: Speaking of wounded, that might still be the best description

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