Companies have turned more cautious, but it does not seem to matter
Stocks have traded with a firm tone in recent days. The market continues to be helped by a the valuation story, and is shrugging off what appears to be less positive earnings news. The graphic below highlights the trend in companies lowering their profit outlook. In recent days, the number has gone from below average to above average. In fact, the number has worked toward the top end of the range. The more cautious outlook is lining up with the weaker tone of macro economic news.
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