Anthony LoPinto Anthony LoPinto

Dozens of the largest cap companies have been reporting earnings over the past couple of weeks and the results thus far are not very pretty, with profits shrinking for the fourth consecutive quarter according to a recent article in the Wall Street Journal.

Earnings adjusted for S&P 500 companies are expected to decline 4.7% year-over-year, and that’s following a 5% drop last quarter. Corporate profits are being hit on a number of fronts: collapsing oil prices that have battered energy firms, a strong dollar is pounding exporters and low interest rates are squeezing banks, while Apple is suffering some saturation of the phone market. These storm clouds are masked by record highs on Wall Street.

History apparently indicates that out of the twelve “earnings recessions” since 1954, nine were followed by an economic recession a year after.  The real answer is who knows, but if corporate earnings continue to stumble we are likely at least experience a hefty slowdown.  Stay tuned, and proceed with care.

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