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The Stock Market Survived a Scary Week. Why This Week Could Be Scarier.<blockquote>股市度过了可怕的一周。为什么本周会更可怕。</blockquote>

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Why This Week Could Be Scarier.<blockquote>股市度过了可怕的一周。为什么本周会更可怕。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132567957","media":"Barrons","summary":"The stock market survived the debt-ceiling fight and an oil-price spike this past week. Can it survi","content":"The stock market survived the debt-ceiling fight and an oil-price spike this past week. Can it survive earnings season?<blockquote>上周，股市挺过了债务上限之争和油价飙升。它能熬过财报季吗？</blockquote> The week began with everything falling apart—energy prices were skyrocketing and the U.S. appeared on the verge of default. It ended with lower oil prices, thanks to Vladimir Putin, of all people, and the debt-ceiling being pushed off to December. It even brushed off what looked to be a surprisingly weak jobs report to—wait for it—finish higher.<blockquote>本周伊始，一切都崩溃了——能源价格飙升，美国似乎处于违约的边缘。由于弗拉基米尔·普京（Vladimir Putin），以及债务上限被推迟到12月，它以油价下跌而告终。它甚至忽略了看起来令人惊讶的疲软就业报告，以——等等——收盘走高。</blockquote> The&nbsp;Dow Jones Industrial Average&nbsp;gained 1.2% this past week, while the&nbsp;S&amp;P 500&nbsp;rose 0.8%, and the&nbsp;Nasdaq Composite&nbsp;squeaked out a 0.1% advance. For the Dow, it was&nbsp;just the second rise in the past six weeks.<blockquote>道琼斯工业平均指数上周上涨 1.2%，标普500指数上涨 0.8%，纳斯达克综合指数上涨 0.1%。对于道琼斯指数来说，这只是过去六周内的第二次上涨。</blockquote> But let’s admit something right here, right now. None of this is normal—not the politics, and certainly not the economic data. September’s jobs report was a disaster—but not because of the disappointing headline number. Yes, the U.S. added just 194,000 jobs in September, well below forecasts for 500,000, and that’s the kind of miss that would suggest a slowing economy. The number, though, was close to meaningless, given the seasonal adjustments—which may have skewed it lower—and by comparison to the household survey, which showed more than 500,000 new jobs as the unemployment rate fell to 4.8%. Try making an investment decision off that.<blockquote>但让我们现在就承认一件事。这一切都不正常——政治不是，经济数据当然也不是。9 月份的就业报告是一场灾难--但这并不是因为令人失望的头条数字。是的，美国 9 月份仅新增了 19.4 万个就业岗位，远低于预测的 50 万个，这种失误表明经济正在放缓。然而，考虑到季节性调整（这可能使其偏低），以及与家庭调查相比，这个数字几乎没有意义，家庭调查显示，随着失业率降至4.8%，新增就业岗位超过50万个。尝试据此做出投资决策。</blockquote> “Investors should be careful to temper their reactions to the non-farm payroll report, which is quite volatile and typically undergoes material revisions in the months following the initial release,” writes Jason Pride, chief investment officer of private wealth at Glenmede.<blockquote>“格伦米德私人财富公司首席投资官杰森-普莱德（Jason Pride）写道：”投资者应谨慎控制对非农就业报告的反应，该报告波动性很大，通常会在首次发布后的几个月内进行重大修订。</blockquote> Still, the market tried to make the best of it. While bonds initially saw a bit of buying, pushing yields down, the 10-year Treasury closed the week with a yield of 1.6%, its highest since June, defying what appeared to be bad news. The Dow finished Friday down 0.03%, while the S&amp;P 500 fell 0.2% and the Nasdaq declined 0.5%.<blockquote>尽管如此，市场还是试图充分利用它。尽管债券最初出现了一些买盘，推低了收益率，但 10 年期国债本周收益率为 1.6%，为 6 月份以来的最高水平，无视了看似坏消息的情况。道琼斯指数周五收盘下跌0.03%，标普500指数下跌0.2%，纳斯达克指数下跌0.5%。</blockquote> That the stock market would do virtually nothing makes sense given the complexity of the employment picture. Job openings remain high, but the number of people leaving the workforce only seems to increase. Even rising pay—average hourly wages rose 4.6%—hasn’t been able to bring workers back. And that means that the labor market, despite an unemployment rate well above prepandemic levels of 3.5%, might actually be much tighter than it looks.<blockquote>鉴于就业形势的复杂性，股市几乎无所作为是没有道理的。职位空缺仍然很高，但离开劳动力市场的人数似乎只会增加。即使工资上涨--平均时薪上涨了 4.6%--也未能让工人回来。这意味着，尽管失业率远高于大流行前3.5%的水平，但劳动力市场实际上可能比看起来要紧张得多。</blockquote> The reality of rising costs, from labor and raw materials, has begun worrying investors. Just 25% of investors expect corporate profit margins to expand over the next six to 12 months, says an RBC Capital Markets survey, down from 39% in June. Some 36% now expect margins to contract, up from 19%. The respondents are also becoming more pessimistic about the market—28% now describe themselves as bearish, up from 14%.<blockquote>劳动力和原材料成本上升的现实已经开始让投资者担忧。加拿大皇家银行资本市场调查显示，只有 25% 的投资者预计企业利润率将在未来 6 至 12 个月内扩大，低于 6 月份的 39%。约 36% 的人现在预计利润率将从 19% 收缩。受访者对市场也变得更加悲观——28% 的人现在认为自己看跌，高于 14%。</blockquote> The worst may not be over yet, writes Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets. “The results of our own survey support our belief that the unwind in institutional investor sentiment that’s been underway hasn’t fully played out yet, which may contribute to further volatility in the broader U.S. equity market in the near term,” she explains.<blockquote>加拿大皇家银行资本市场美国股票策略主管洛里·卡尔瓦西纳 (Lori Calvasina) 写道，最糟糕的情况可能尚未结束。“她解释说：”我们自己的调查结果支持了我们的观点，即机构投资者情绪的缓和尚未完全显现，这可能会导致美国股市在短期内进一步波动。</blockquote> Investors will get a first read on those fears when earnings season starts this coming week. The banks get all the attention, and for good reason. Reports from&nbsp;JPMorgan Chase&nbsp;(ticker: JPM),Bank of America&nbsp;(BAC), and&nbsp;Citigroup&nbsp;(C) should help give the market a read on the strength of the U.S. economy, the demand for loans, and even consumer spending. (Financial-sector profits are expected to grow by 18%.) But other companies will give investors their own read on costs and margins.Fastenal&nbsp;(FAST), a distributor of industrial fasteners, is expected to report a profit of 42 cents a share on Monday, though it was downgraded by&nbsp;Wells Fargo&nbsp;on Friday over concerns about rising wages and freight costs.Delta Air Lines&nbsp;(DAL) should give a read on wage pressures, as well as the demand for travel.<blockquote>当下周财报季开始时，投资者将首先了解这些担忧。银行得到了所有的关注，这是有充分理由的。摩根大通（股票代码：JPM）、美国银行（BAC）和花旗集团（C）的报告应该有助于市场了解美国经济的实力、贷款需求甚至消费者支出。（金融业利润预计增长 18%。）但其他公司将向投资者提供自己对成本和利润率的解读。工业紧固件分销商 Fastenal (FAST) 预计周一公布的每股利润为 42 美分，尽管由于担心工资和运费上涨，富国银行周五下调了评级。达美航空公司（DAL）应该解读工资压力以及旅行需求。</blockquote> Just don’t expect the same kind of earnings season we’ve experienced since Covid. Since the lockdowns, U.S. corporations have, for the most part, reported massive earnings growth and sizable “beats,” but something has changed. Analysts have stopped revising their earnings expectations higher and have been lowering them instead. Earnings are still expected to rise more than 20% from the third quarter one year ago, although the rate of growth is slowing. And with stocks still pricey—the S&amp;P 500 is trading at 20.6 times 12-month forward earnings—there is little room for error. “There are a lot of adjustments that need to go on,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US. “The market has more downside than upside in the short term.”<blockquote>只是不要指望会出现自 Covid 以来我们经历的那种财报季。自封锁以来，美国公司在大多数情况下都报告了巨大的盈利增长和可观的 “节拍”，但情况发生了变化。分析师已停止上调盈利预期，转而下调盈利预期。盈利预计仍将比一年前的第三季度增长20%以上，尽管增速正在放缓。由于股价仍然昂贵——标普500的交易价格是 12 个月远期市盈率的 20.6 倍——几乎没有犯错的余地。“CIBC Private Wealth US 首席投资官戴夫-多纳贝迪安（Dave Donabedian）说：”还有很多调整需要继续进行。“短期内，市场下行多于上行”。</blockquote> The new normal? It might just be more volatility.<blockquote>新常态？可能只是波动性更大。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Survived a Scary Week. Why This Week Could Be Scarier.<blockquote>股市度过了可怕的一周。为什么本周会更可怕。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Survived a Scary Week. Why This Week Could Be Scarier.<blockquote>股市度过了可怕的一周。为什么本周会更可怕。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-10-11 15:39\n\n</h4>\n</header>\n<article>\nThe stock market survived the debt-ceiling fight and an oil-price spike this past week. Can it survive earnings season?<blockquote>上周，股市挺过了债务上限之争和油价飙升。它能熬过财报季吗？</blockquote> The week began with everything falling apart—energy prices were skyrocketing and the U.S. appeared on the verge of default. It ended with lower oil prices, thanks to Vladimir Putin, of all people, and the debt-ceiling being pushed off to December. It even brushed off what looked to be a surprisingly weak jobs report to—wait for it—finish higher.<blockquote>本周伊始，一切都崩溃了——能源价格飙升，美国似乎处于违约的边缘。由于弗拉基米尔·普京（Vladimir Putin），以及债务上限被推迟到12月，它以油价下跌而告终。它甚至忽略了看起来令人惊讶的疲软就业报告，以——等等——收盘走高。</blockquote> The&nbsp;Dow Jones Industrial Average&nbsp;gained 1.2% this past week, while the&nbsp;S&amp;P 500&nbsp;rose 0.8%, and the&nbsp;Nasdaq Composite&nbsp;squeaked out a 0.1% advance. For the Dow, it was&nbsp;just the second rise in the past six weeks.<blockquote>道琼斯工业平均指数上周上涨 1.2%，标普500指数上涨 0.8%，纳斯达克综合指数上涨 0.1%。对于道琼斯指数来说，这只是过去六周内的第二次上涨。</blockquote> But let’s admit something right here, right now. None of this is normal—not the politics, and certainly not the economic data. September’s jobs report was a disaster—but not because of the disappointing headline number. Yes, the U.S. added just 194,000 jobs in September, well below forecasts for 500,000, and that’s the kind of miss that would suggest a slowing economy. The number, though, was close to meaningless, given the seasonal adjustments—which may have skewed it lower—and by comparison to the household survey, which showed more than 500,000 new jobs as the unemployment rate fell to 4.8%. Try making an investment decision off that.<blockquote>但让我们现在就承认一件事。这一切都不正常——政治不是，经济数据当然也不是。9 月份的就业报告是一场灾难--但这并不是因为令人失望的头条数字。是的，美国 9 月份仅新增了 19.4 万个就业岗位，远低于预测的 50 万个，这种失误表明经济正在放缓。然而，考虑到季节性调整（这可能使其偏低），以及与家庭调查相比，这个数字几乎没有意义，家庭调查显示，随着失业率降至4.8%，新增就业岗位超过50万个。尝试据此做出投资决策。</blockquote> “Investors should be careful to temper their reactions to the non-farm payroll report, which is quite volatile and typically undergoes material revisions in the months following the initial release,” writes Jason Pride, chief investment officer of private wealth at Glenmede.<blockquote>“格伦米德私人财富公司首席投资官杰森-普莱德（Jason Pride）写道：”投资者应谨慎控制对非农就业报告的反应，该报告波动性很大，通常会在首次发布后的几个月内进行重大修订。</blockquote> Still, the market tried to make the best of it. While bonds initially saw a bit of buying, pushing yields down, the 10-year Treasury closed the week with a yield of 1.6%, its highest since June, defying what appeared to be bad news. The Dow finished Friday down 0.03%, while the S&amp;P 500 fell 0.2% and the Nasdaq declined 0.5%.<blockquote>尽管如此，市场还是试图充分利用它。尽管债券最初出现了一些买盘，推低了收益率，但 10 年期国债本周收益率为 1.6%，为 6 月份以来的最高水平，无视了看似坏消息的情况。道琼斯指数周五收盘下跌0.03%，标普500指数下跌0.2%，纳斯达克指数下跌0.5%。</blockquote> That the stock market would do virtually nothing makes sense given the complexity of the employment picture. Job openings remain high, but the number of people leaving the workforce only seems to increase. Even rising pay—average hourly wages rose 4.6%—hasn’t been able to bring workers back. And that means that the labor market, despite an unemployment rate well above prepandemic levels of 3.5%, might actually be much tighter than it looks.<blockquote>鉴于就业形势的复杂性，股市几乎无所作为是没有道理的。职位空缺仍然很高，但离开劳动力市场的人数似乎只会增加。即使工资上涨--平均时薪上涨了 4.6%--也未能让工人回来。这意味着，尽管失业率远高于大流行前3.5%的水平，但劳动力市场实际上可能比看起来要紧张得多。</blockquote> The reality of rising costs, from labor and raw materials, has begun worrying investors. Just 25% of investors expect corporate profit margins to expand over the next six to 12 months, says an RBC Capital Markets survey, down from 39% in June. Some 36% now expect margins to contract, up from 19%. The respondents are also becoming more pessimistic about the market—28% now describe themselves as bearish, up from 14%.<blockquote>劳动力和原材料成本上升的现实已经开始让投资者担忧。加拿大皇家银行资本市场调查显示，只有 25% 的投资者预计企业利润率将在未来 6 至 12 个月内扩大，低于 6 月份的 39%。约 36% 的人现在预计利润率将从 19% 收缩。受访者对市场也变得更加悲观——28% 的人现在认为自己看跌，高于 14%。</blockquote> The worst may not be over yet, writes Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets. “The results of our own survey support our belief that the unwind in institutional investor sentiment that’s been underway hasn’t fully played out yet, which may contribute to further volatility in the broader U.S. equity market in the near term,” she explains.<blockquote>加拿大皇家银行资本市场美国股票策略主管洛里·卡尔瓦西纳 (Lori Calvasina) 写道，最糟糕的情况可能尚未结束。“她解释说：”我们自己的调查结果支持了我们的观点，即机构投资者情绪的缓和尚未完全显现，这可能会导致美国股市在短期内进一步波动。</blockquote> Investors will get a first read on those fears when earnings season starts this coming week. The banks get all the attention, and for good reason. Reports from&nbsp;JPMorgan Chase&nbsp;(ticker: JPM),Bank of America&nbsp;(BAC), and&nbsp;Citigroup&nbsp;(C) should help give the market a read on the strength of the U.S. economy, the demand for loans, and even consumer spending. (Financial-sector profits are expected to grow by 18%.) But other companies will give investors their own read on costs and margins.Fastenal&nbsp;(FAST), a distributor of industrial fasteners, is expected to report a profit of 42 cents a share on Monday, though it was downgraded by&nbsp;Wells Fargo&nbsp;on Friday over concerns about rising wages and freight costs.Delta Air Lines&nbsp;(DAL) should give a read on wage pressures, as well as the demand for travel.<blockquote>当下周财报季开始时，投资者将首先了解这些担忧。银行得到了所有的关注，这是有充分理由的。摩根大通（股票代码：JPM）、美国银行（BAC）和花旗集团（C）的报告应该有助于市场了解美国经济的实力、贷款需求甚至消费者支出。（金融业利润预计增长 18%。）但其他公司将向投资者提供自己对成本和利润率的解读。工业紧固件分销商 Fastenal (FAST) 预计周一公布的每股利润为 42 美分，尽管由于担心工资和运费上涨，富国银行周五下调了评级。达美航空公司（DAL）应该解读工资压力以及旅行需求。</blockquote> Just don’t expect the same kind of earnings season we’ve experienced since Covid. Since the lockdowns, U.S. corporations have, for the most part, reported massive earnings growth and sizable “beats,” but something has changed. Analysts have stopped revising their earnings expectations higher and have been lowering them instead. Earnings are still expected to rise more than 20% from the third quarter one year ago, although the rate of growth is slowing. And with stocks still pricey—the S&amp;P 500 is trading at 20.6 times 12-month forward earnings—there is little room for error. “There are a lot of adjustments that need to go on,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US. “The market has more downside than upside in the short term.”<blockquote>只是不要指望会出现自 Covid 以来我们经历的那种财报季。自封锁以来，美国公司在大多数情况下都报告了巨大的盈利增长和可观的 “节拍”，但情况发生了变化。分析师已停止上调盈利预期，转而下调盈利预期。盈利预计仍将比一年前的第三季度增长20%以上，尽管增速正在放缓。由于股价仍然昂贵——标普500的交易价格是 12 个月远期市盈率的 20.6 倍——几乎没有犯错的余地。“CIBC Private Wealth US 首席投资官戴夫-多纳贝迪安（Dave Donabedian）说：”还有很多调整需要继续进行。“短期内，市场下行多于上行”。</blockquote> The new normal? It might just be more volatility.<blockquote>新常态？可能只是波动性更大。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-earnings-season-51633738642?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-earnings-season-51633738642?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132567957","content_text":"The stock market survived the debt-ceiling fight and an oil-price spike this past week. Can it survive earnings season?\nThe week began with everything falling apart—energy prices were skyrocketing and the U.S. appeared on the verge of default. It ended with lower oil prices, thanks to Vladimir Putin, of all people, and the debt-ceiling being pushed off to December. It even brushed off what looked to be a surprisingly weak jobs report to—wait for it—finish higher.\nThe Dow Jones Industrial Average gained 1.2% this past week, while the S&P 500 rose 0.8%, and the Nasdaq Composite squeaked out a 0.1% advance. For the Dow, it was just the second rise in the past six weeks.\nBut let’s admit something right here, right now. None of this is normal—not the politics, and certainly not the economic data. September’s jobs report was a disaster—but not because of the disappointing headline number. Yes, the U.S. added just 194,000 jobs in September, well below forecasts for 500,000, and that’s the kind of miss that would suggest a slowing economy. The number, though, was close to meaningless, given the seasonal adjustments—which may have skewed it lower—and by comparison to the household survey, which showed more than 500,000 new jobs as the unemployment rate fell to 4.8%. Try making an investment decision off that.\n“Investors should be careful to temper their reactions to the non-farm payroll report, which is quite volatile and typically undergoes material revisions in the months following the initial release,” writes Jason Pride, chief investment officer of private wealth at Glenmede.\nStill, the market tried to make the best of it. While bonds initially saw a bit of buying, pushing yields down, the 10-year Treasury closed the week with a yield of 1.6%, its highest since June, defying what appeared to be bad news. The Dow finished Friday down 0.03%, while the S&P 500 fell 0.2% and the Nasdaq declined 0.5%.\nThat the stock market would do virtually nothing makes sense given the complexity of the employment picture. Job openings remain high, but the number of people leaving the workforce only seems to increase. Even rising pay—average hourly wages rose 4.6%—hasn’t been able to bring workers back. And that means that the labor market, despite an unemployment rate well above prepandemic levels of 3.5%, might actually be much tighter than it looks.\nThe reality of rising costs, from labor and raw materials, has begun worrying investors. Just 25% of investors expect corporate profit margins to expand over the next six to 12 months, says an RBC Capital Markets survey, down from 39% in June. Some 36% now expect margins to contract, up from 19%. The respondents are also becoming more pessimistic about the market—28% now describe themselves as bearish, up from 14%.\nThe worst may not be over yet, writes Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets. “The results of our own survey support our belief that the unwind in institutional investor sentiment that’s been underway hasn’t fully played out yet, which may contribute to further volatility in the broader U.S. equity market in the near term,” she explains.\nInvestors will get a first read on those fears when earnings season starts this coming week. The banks get all the attention, and for good reason. Reports from JPMorgan Chase (ticker: JPM),Bank of America (BAC), and Citigroup (C) should help give the market a read on the strength of the U.S. economy, the demand for loans, and even consumer spending. (Financial-sector profits are expected to grow by 18%.) But other companies will give investors their own read on costs and margins.Fastenal (FAST), a distributor of industrial fasteners, is expected to report a profit of 42 cents a share on Monday, though it was downgraded by Wells Fargo on Friday over concerns about rising wages and freight costs.Delta Air Lines (DAL) should give a read on wage pressures, as well as the demand for travel.\nJust don’t expect the same kind of earnings season we’ve experienced since Covid. Since the lockdowns, U.S. corporations have, for the most part, reported massive earnings growth and sizable “beats,” but something has changed. Analysts have stopped revising their earnings expectations higher and have been lowering them instead. Earnings are still expected to rise more than 20% from the third quarter one year ago, although the rate of growth is slowing. And with stocks still pricey—the S&P 500 is trading at 20.6 times 12-month forward earnings—there is little room for error. “There are a lot of adjustments that need to go on,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US. “The market has more downside than upside in the short term.”\nThe new normal? It might just be more volatility.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1514,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":12,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/826840264"}