Digging out of a deep hole

Aug 20, 2020 | Jay Zhang


Cornerstones of the U.S. stock market are moving in the right direction. With corporate earnings in Q2 better than feared, what does this mean for the 2020–21 earnings outlook?


It’s not just the all-important monetary and fiscal stimulus programs that have been driving the U.S. equity market lately, or even the improvement in economic data.

The latest part of the rally has some meat on the bones. As the S&P 500 has pushed back up near its all-time high reached last February, the market has been driven by betterthan- feared profits and revenues, and an upward shift in earnings estimates not only for next quarter but also for the full year and 2021.


Market pulse
3 Credit tightening for smaller U.S. companies
3 State of the Canadian job market recovery
4 UK’s GDP decline steeper than its peers
4 China resumes tourist visas to Macau


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