As major U.S. corporations prepare to close the books on a lackluster year of pr...
) and other big banks kicking off the fourth-quarter reporting season this week, investors are likely to focus less on recent earnings and more on corporate outlooks for 2020 in light of Trump’s so-called Phase 1 trade deal, which is scheduled to be signed this week.
If most companies end up beating analysts’ earnings forecasts, as often happens, the S&P 500 could end up posting a small profit gain for the fourth quarter. “Given that we are not going to get much P/E expansion this year – we can’t do that twice in a row unless we continue to slash rates – we are going to need to see outlooks improve.”
“We still don’t have the profits to subtantiate the market’s recent performance. But if we get more chip companies coming out and saying that things are getting better, that would be huge,” said Daniel Morgan, a portfolio manager who specializes in tech stocks at Synovus Trust in Atlanta.
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