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With a slowing economy and poor data, investors have been bracing for the worst – that means lower earnings. Already, estimates for the quarter have been trending downwards. But, as the earnings season has officially begun and started to ramp up, investors were treated to some good news this week. The numbers may be better than initially feared. The strong earnings results from the first firms that reported managed to lift traders’ spirits this week, and move equities higher.
Key speeches by several Fed governors also managed to lift the mood on the street as more rate cuts could be in the cards.
However, it hasn’t all been good news. Data – both at home and abroad – continues to weaken. This has finally started to include consumer retail and spending figures. Consumers continued to drive the economy, but with numbers slipping, the poor data managed to keep a lid on the week’s earnings-induced gains. As did poor manufacturing figures.
All in all, stocks continued with their pattern of up and down days and overall higher volatility, despite lower trading volumes on the week.
Be sure to check out our previous Wrap here, when trade was a big positive.