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Since overall S&P 500 earnings marks for Q2 are now down -35.7% y/y, and not -40%, this amounts to coming off a bottom, and just revealing deep analyst pessimism. A "beat" is not moving the dial much on stocks.
"Bottoms-up" consensus expects earnings per share (EPS) to average $25.60 across Q2, down -6% from Q1, and close to a -40% drop in y/y terms. Guidance--if provided--becomes critical. So too will survival measures such as cash on hand.
Though sliding oil price has sent shockwaves through the global energy sector, especially oil producers and explorers, it has been a blessing for a few corners of the market, including airlines, retail, consumer discretionary, oil importers and refiners.
The decade-long job growth trend seems to have come to an end as COVID-19 has resulted in an unprecedented spike in jobless claims. A few ETFs are expected to gain in the weeks ahead while some will be severely impact by the weak jobs data.
Modern times are indeed equipped with super computer-generated genetic knowledge, to create better medical tools, to combat a novel virus. That hopefully lifts most of us out of grim health experiences... eventually.
Sure, central banks are slashing interest rates, but jump-starting the economic recovery might need large doses of government spending as well, in the form of tax breaks, infrastructure, welfare and so on.
From the famous words of one of the most esteemed investors in history, Warren Buffett, to be a successful investor, "simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."