Stocks rose today after comments from a top Fed official bolstered confidence that the Fed is set to cut rates later this month. The Dow closed flat as the S&P popped 0.36% and the Nasdaq rose 0.27%.
"We're going to see companies beat on earnings," said Kate Warne, investment strategist at Edward Jones. "This will be a positive catalyst but not a very positive one."
Traders Gregory Rowe and Peter Tuchman work on the floor of the New York Stock Exchange ahead of the closing bell, June 21, 2019 in New York City.So far, more than 12% of S&P 500 companies have reported quarterly results this earnings season. Of those companies, nearly 84% have reported better-than-expected earnings, according to FactSet data.
"Where you're seeing pullbacks or earnings declines tends to be in areas or industries where companies may be in vulnerable positions," he said. Because of the trade uncertainty, "farmers are getting hit, but it's also companies that are getting hit. They've gotten some of their markets cut off from them and some of them are impacted by tariffs."
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