An analysis of corporate conference calls this earnings season shows that a significant share of companies are still concerned about tariffs and the chances of a global economic slowdown.
A previous version of this article mistakenly attributed a comment by a Procter & Gamble representative to Kellogg. We regret the error.
The Dow Jones Industrial Average DJIA, +0.94% has risen about 2.8% since 2020 began, while the S&P 500 index SPX, +0.65% has gained 4.3% and the Nasdaq Composite Index COMP, +0.90% is up a lofty 8.1%. The S&P 500 and Nasdaq each posted a record-high finish on Tuesday. All the main indexes were up early Wednesday.
Companies are still discussing the topic at a faster pace than in all of 2017 and the first half of 2018, when the U.S.-China trade war was heating up, and those who are mentioning it are taking a decidedly negative tone. Amenity assigns an “amenity score” to management commentary on various topics on a scale of -100 to +100, using the budding science of natural-language processing, which deploys computer programs to assess human language.
In other words, there are fewer companies concerned about tariffs than during the worst of the trade war, but remaining duties are negatively impacting the performance of many firms. Companies that have cited the negative impact of tariffs on their 2020 outlooks include Whirlpool Corp. WHR, +0.34% , O’Reilly Automotive Inc. ORLY, +0.70% and Boeing Co. BA, +0.88% .
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