Wall Street awaits lower corporate profits

Business | 14 Jan 2020 9:58 am

Wall Street was also gearing up Monday for a busy opening week of corporate earnings being kicked off by major banks. JPMorgan Chase, Wells Fargo and Citigroup will report fourth-quarter earnings on Tuesday and Bank of America will follow on Wednesday.

Analysts predict corporate profits slid by 2 percent during the fourth quarter, which would mark the first time that earnings for the S&P 500 have fallen four quarters in a row since the period ending in mid-2016, according to FactSet. Companies typically outperform forecasts and temper expectations for sharp declines by the time the bulk of financial reporting is done.-AP

 

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