Stocks Analysis by Christine Short covering: S&P 500, Bank of America Corp, Intel Corporation, Goldman Sachs Group Inc. Read Christine Short's latest article on Investing.com
The LERI shows corporate uncertainty increasing to its highest level since the pandemic, in line with what CEOs have been sharing on Q3 callsPeak weeks for Q3 season run from October 23 - November 10TSLA), for example, beat expectations on the top and bottom line but noted the softening economic environment. CEO Brian Moynihan commented in the earnings release:
Continued concerns around the high-interest rate environment impacting consumer spending resounded from other sectors as well, specifically within the discretionary space. Declining YoY profits from Tesla and Winnebago Industries Inc pointed to a US consumer that is starting to hold back on large ticket purchases. Tesla CEO Elon Musk said:
Heading into Peak Earnings Season, US CEOs the Most Uncertain They've Been Since the COVID-19 Pandemic The current pre-peak season LERI reading stands at 120, the highest reading since the COVID-19 pandemic. As of October 18, there were 65 late outliers and 49 early outliers. Typically, the number of late outliers trends upwards as earnings season continues, indicating that the LERI is poised to get even worse from here as corporations try to figure out what a barrage of economic headwinds means for their bottom line in Q4.
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