Companies are warning that earnings results are going to be brutal.
That total of 87 companies is well above the typical level of 70% negative pre-announcements and the second-worst level since FactSet started keeping track in 2006. The worst was in the first quarter of 2016, which saw 92 negative such warnings.of blue chip stocks is coming off its best June since 1938, a wobbly profit picture doesn't do much to instill confidence that such an aggressive rally can continue.
Technology has been at the core of President Donald Trump's tariffs against $250 billion worth of Chinese goods. At the same time, his steel and aluminum duties are making a direct hit on the health-care industry, impacting about $1.8 billion worth of medical imports, according to Tara O'Neill Hayes, the deputy director of health-care policy for the American Action Forum.
Determining the market impact is difficult, but the downbeat sentiment from companies will give investors plenty to think about as Wall Street tries to build on"Stocks are priced for perfection. You haven't seen too much suffering yet, but it's kind of incipient. It's creeping into the numbers little by little," said Mitchell Goldberg, president of ClientFirst Strategy. "When stocks are priced for perfection, even little things become insurmountable.
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