Critical information ahead of the U.S. market’s open
by Barbara Kollmeyer
Anyone holding out hopes of a surprise uplift from Alcoa got a massive letdown instead yesterday — a 92% drop in profits-sized letdown.
Of course, Alcoa is just a taster. Things get serious on Wednesday when the “black sheep” banks kick off their results, starting with J.P. Morgan Chase. You just can’t make a move without running into earnings gloomsters right now.
Here’s some refreshing cheer from IronFX Global’s Charalambos Pissouros, who says that given the global environment has stabilized in the last two months or so, the overall outlook for stocks isn’t that dire.
A “further setback in equity prices may provide renewed buying opportunities to investors who expect that these headwinds have dissipated, or are about to,” he told clients in a note.