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Commentary
My favorite economist, Ed Yardeni, has reported that with 97% of the first quarter earnings now in, S&P 500 earnings are up a stunning 29.3% versus a year ago, with eight of 11 S&P sectors sporting double-digit earnings increases. Among the 3% of stocks left to report (about 15 names), Micron Technology (MU) has yet to announce its latest quarterly results, and the analyst community expects an astounding 910% surge in earnings, as well as 264% sales growth. If so, that will cap a stunning earnings announcement season.
Despite these strong earnings reports, we saw the inevitable correction from this overbought market last Friday. This may be the “June swoon” many feared, as the S&P 500 fell 2.6% and the NASDAQ was off 4.7%, even though the Dow only lost 0.3%. Most of the decline came on Friday. Even gold fell by $138 (down 3%) on Friday, as the whole world seemed to get out on the wrong side of the bed….
My favorite economist, Ed Yardeni, has reported that with 97% of the first quarter earnings now in, S&P 500 earnings are up a stunning 29.3% versus a year ago, with eight of 11 S&P sectors sporting double-digit earnings increases. Among the 3% of stocks left to report (about 15 names), Micron Technology (MU) has yet to announce its latest quarterly results, and the analyst community expects an astounding 910% surge in earnings, as well as 264% sales growth. If so, that will cap a stunning earnings announcement season.
Despite these strong earnings reports, we saw the inevitable correction from this overbought market last Friday. This may be the “June swoon” many feared, as the S&P 500 fell 2.6% and the NASDAQ was off 4.7%, even though the Dow only lost 0.3%. Most of the decline came on Friday. Even gold fell by $138 (down 3%) on Friday, as the whole world seemed to get out on the wrong side of the bed….
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