Investors ready for start of earnings
Nasdaq, S&P 500 slide; Dow barely green
Real Est leads S&P 500 sector gainers; Tech weakest group
Dollar falls; bitcoin, crude up; gold gains ~2%
U.S. 10-Year Treasury yield falls to ~4.20%
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INVESTORS READY FOR START OF EARNINGS
The second-quarter U.S. earnings season unofficially kicks off Friday with results from three of the top banks: JPMorgan Chase JPM.N, Wells Fargo WFC.N and Citigroup C.N.
Other companies due to report Friday include industrial supplies company Fastenal FAST.O.
Analysts expect earnings growth for the quarter of 10.1% year-over-year, an estimate that is down just slightly from their April 1 forecast for 10.4% second-quarter earnings growth, according to LSEG data.
Earnings growth has been led by more heavily weighted, tech-related megacaps, and much focus will remain on those companies.
"Most of the big companies now are tech related and, just because of that, those earnings reports are going to dominate," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, New York.
Some expect to see the potential for signs of economic weakness. "We've seen some slight slide in the economy... so the question is will this trend really continue and be reflected in the forecasts for the companies," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
(Caroline Valetkevitch)
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