Morgan Stanley Strategist Says Earnings Are Next Risk to Equities

Bloomberg2023-03-27

Earnings projections look ‘unrealistic’ amid recent events: MSJPMorgan strategists note 1Q marked the high point for stocksMichael Wilson Photographer: Christopher Goodney/BloombergMorgan Stanley’s ...

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Comments

MIe
2023-03-27
MIe
Big tech q1 earnings in May should be good with year if efficiency 😊
Deonc
2023-03-27
Deonc
Ok

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Whereas bond volatility has spiked as investors priced in a potential recession following the collapse of a slate of regional US lenders, equities have recovered losses on bets of intervention from policy makers. The S&P 500 is on course to gain for a second straight quarter.Focus now turns to the first-quarter earnings season, which kicks off in mid-April. The drop in profit estimates so far this year has matched the declines seen in the previous two quarters, suggesting earnings haven’t bottomed yet, Wilson said. Given expectations of a sharp profit recovery in the second half, the threat to margins from elevated inflation is still “underappreciated,” he added.JPMorgan Chase & Co. strategists also said that the first quarter likely marked “the high point” for stocks this year, and that they don’t expect a “fundamental improvement in equities risk-reward” until the Federal Reserve signals rate cuts. 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