According to S&P Global Market Intelligence, S&P earnings are forecast to have fallen 5.04 percent for the second quarter. The unofficial start to earnings season will take place when Alcoa posts results next Monday.
Ernesto Ramos, head of equities at BMO Global Asset Management, struck a more positive note, however.
“As we move forward, we maybe get another negative quarter but then three strong quarters, mostly driven by oil-company earnings, as oil rebounded from $30 [a barrel] to $50. You’re going to see very strong oil earnings coming back into the S&P 500,” he said in the same interview. “That’s going to be one of the main drivers of earnings recovery in the U.S. market.”
U.S. crude prices fell more than 4 percent Tuesday, but have surged more than 25 percent this year.
US crude in 2016
Here's why this markets expert is cautious on earnings
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