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Earnings Angst Put US Stocks’ January Rally in Peril
Posted
January 31, 2023
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January 31, 2023
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1:19Now PlayingInvestors have little confidence in US stocks even after this month’s surge, fearing weak corporate earnings could drag them back down.
Any weakness in outlook or quarterly results from Apple Inc., Meta Platforms Inc. and Exxon Mobil Corp. could outweigh relief over a downshift by the Federal Reserve or anything Chair Jerome Powell says Wednesday, according to respondents in the latest MLIV Pulse survey. The central bank is widely expected to deliver a quarter-point hike on Feb. 1, the smallest increase in almost a year.
Roughly 70% of the 383 respondents in the survey say the stock market has yet to hit the bottom. The biggest weighting — 35% — says the lows won’t be in until the second half of 2023.
Those responses show how shaken investors remain after last year’s pummeling in equities, with worries building over the outlook for company profits as the economy slows.
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