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Analysts are continuing to expect robust profit growth from US companies this year despite warnings about the potential impact about the coronavirus, helping to explain why the US stock market has extended its record-breaking run in recent weeks.  With three-quarters of the S&P 500 companies having reported their latest quarterly earnings and statements on the outlook for their business, analysts have shaved only a small amount from their earnings forecasts for 2020. 


Earnings growth for the S&P 500 is now projected to be 8.1 per cent, down from 9.6 per cent at the start of the year but still a healthy outlook and a re-acceleration from the estimated 1.7 per cent growth in 2019.


US industrial output declined for the fourth time in the past five months, depressed by warm weather and a halt in Boeing’s production of the 737 Max.  Manufacturing output was depressed by the halt in Boeing’s 737 Max production as the company continues to face a regulatory review that has kept the jets grounded following two fatal crashes. Excluding the production of aircraft and parts, factory output advanced 0.3 per cent.

 

With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.

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