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This week was all about one thing – corporate earnings. Over this week and next, the majority of the S&P 500 will report their quarterly results. Traders have been anxiously waiting for the results. With the trade war, slowing growth and other geopolitical issues, the general perception has been that earnings are set to decline. Last week, the start of earnings season showed some great promise. However, this week is providing to be a mixed bag.
Generally, firms have continued to report either stellar results or absolutely terrible ones. And guidance for everyone has been on the cautious side, creating a choppy trading environment where winners have been rewarded in a big way, while losers continue to be punished.
And those reports have really been the only thing traders have had to go on. Data this week remained light with only a few key economic metrics being released, continuing to add to the confusion and realization that the economy could be headed toward a recession. However, there was some positive news on the trade war front, albeit, no real deal has been made just yet.
With the lack of any other catalysts, investors simply focused on the plethora of earnings. And with that mixed picture, the week was also mixed in its returns.
Be sure to check out our previous Wrap here, when earnings season kicked off.