Profit guidance looks potentially worse than macro news
One of the negatives for the equity market is the reduction in the outlook for corporate profits. Early in the earnings season, profit news was bullish. Companies were constructive on their outlooks, or at least not aggressively cutting their forecasts. However, as the season has progressed, the level of negative guidance has surged. This has allowed the market to be fearful of weakening macro data. The graphic following displays the amount of negative guidance.
The June NASDAQ 100 is working toward the 4/24 low of 2624.75. This level will be watched closely by the trade next week. 2610.75 is another level to eye.
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The June NASDAQ 100 is working toward the 4/24 low of 2624.75. This level will be watched closely by the trade next week. 2610.75 is another level to eye.
View All Market Commentary
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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