Weekly Market Commentary

CAN EARNINGS CATCH UP TO THIS STOCK MARKET RALLY?

Jeffrey Buchbinder, CFA, Chief Equity Strategist, LPL Financial

First quarter reporting season was solid, but results didn’t offer much of a confidence boost in the outlook for the rest of the year. It wasn’t corporate America’s fault — tariff uncertainty makes it very difficult for most companies to offer an outlook that they can have confidence in. Analysts did get enough guidance to take estimates down for the rest of the year to credible levels, which is a positive step in restoring market confidence. And the top technology companies did their part by delivering very strong results while reiterating capital investment guidance that is key to driving growth in S&P 500 profits. Still, these results left us unsure as to whether earnings justify stock prices.

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