The coming earnings season could bring lofty stocks down to earth

Global and US economic data are beating forecasts and there is growing optimism that corporate profits will do likewise, as the second-quarter earnings season plays out in coming weeks. One strong theme supporting equity markets since the worst of the pandemic panic in March is that the shock to companies’ profits will be brief. Analysts anticipate a decline of 21.5 per cent in earnings of the S&P 500 companies during the current calendar year, according to FactSet, accompanied by a slide of 3.9 per cent in revenues.

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