Profit Estimates Do a Weird Thing: Hold Up Amid Earnings Season
- It’s comfort to bulls fighting virus fears, lofty valuations
- Management sentiment most bullish since 2017, BofA study finds
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Traditional indicators have suddenly stopped mattering in a stock market driven by global health concerns, for good reason. They can say little of value in assessing the worsening toll of the coronavirus.
Should they start carrying weight again, investors will want to examine a little-noticed earnings trend that bodes well for bulls. Halfway into earnings season, analyst forecasts for S&P 500 profits are holding remarkably steady.