According to a Credit Suisse analysis done of 85% of the S&P 500’s companies, 86% beat expectations — with the financial sector clobbering them by 34%, and the rest of the market beating them by 19%.
The second is that investors aren’t impressed.
“I’m looking for the narrative to quickly shift from ‘selling the news’ to ‘buying the dip’ as the tax debate takes on more clarity,” he writes.
Biden said it was important that the largest companies don’t pay zero, and added, “And — and reducing the — the tax cut to between 25 and 28, it’s a couple hundred billion dollars.
The Labor Department reported a shockingly lower-than-expected 266,000 rise in nonfarm payrolls in April.
The knee-jerk reaction was a gains in stocks, on the view the Federal Reserve would not be in a hurry to slow down bond purchases.
in premarket trade, which said a recall of its treadmill would cost the company about $165 million in revenue in its fiscal fourth quarter.
Steven Goldstein is based in London and responsible for MarketWatch’s coverage of financial markets in Europe, with a particular focus on global macro and commodities.