Wall Street tumbles as investors brace for dour earnings

Wall Street’s main indexes slipped on Monday as corporate America launches into what is expected to be a painful quarterly earnings season due to the coronavirus pandemic. JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) will kick off the reporting season on Tuesday, with analysts expecting an uptick in trading revenue to be offset by declines in other businesses and a bleak outlook for the rest of 2020. The S&P banking subsector. SPXBK shed 2.5%, while the broader financial sector .SPSY dragged on the benchmark S&P 500 with a 2.4% fall. Overall, earnings for S&P 500 firms are expected to tumble 9.0% in the first quarter, compared with a Jan. 1 forecast of a 6.3% rise, before plummeting 20.7% in the second quarter as sweeping lockdowns halt business activity and spark furloughs. “We’re bracing for one of the worst earnings seasons in recent history,” said Jesse Cohen, senior analyst at financial markets platform Investing.com.

Spotlight

Digitalization is not new. It has just meant different things throughout the years, as we made the shift from typewriter to computer, from fax to email. Every technological evolution marks an uptick in productivity and performance. And the most successful and resilient businesses make sure they are ready to accept the challenge


Other News

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Spotlight

Digitalization is not new. It has just meant different things throughout the years, as we made the shift from typewriter to computer, from fax to email. Every technological evolution marks an uptick in productivity and performance. And the most successful and resilient businesses make sure they are ready to accept the challenge

Resources