As Wall Street braces for what may be the first U.S. profit decline since 2016, ...
NEW YORK - As Wall Street braces for what may be the first U.S. profit decline since 2016, investors say the first quarter may not mark the low point for 2019 earnings.
Another potential reason to worry: the spread between yields on Treasury bills and the 10-year note, a closely watched signal on the health of the economy, inverted on Friday for the first time since 2007. With the market’s rebound this year, the Fed on pause and some expecting economic growth to improve after the first quarter, optimism seemed to be increasing that the profit outlook would stabilize after hitting a low point in the current quarter.
This year’s earnings already were expected to shrink dramatically compared with 2018, when steep corporate tax cuts fueled earnings gains of about 24 percent. Still, with investors largely discounting weaker earnings trends, the first-quarter reporting period could bring market volatility, Ameriprise Financial strategists said.
The United States and China were scheduled to reach a deal on trade by March 1, but the White House has said it needed more time.
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