Stonks reporting season is rolling on. And so far, things are predictably gloomy:
Yeeks! But wait, by sector:
- Seven out of eight sectors are reporting lower net profit margins than 5 year average, with Utilities being the only sector reporting above average margins;
- Nine out of nine sectors reported so far have lower net profit margins than in 2Q 2019.
Per Factset: "For the second quarter, the S&P 500 is reporting a year-over-year decline in earnings of -44.0% and a year-over-year decline in revenues of -10.5%."
Meanwhile, what's S&P and stonks are doing? 1 month chart:
and 3 months
Because happiness is just around the corner for all.