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McElligott Warns Of ‘Inconvenient Truth’
Over the past several weeks, I've editorialized breathlessly about the potential perils ahead for corporate America, as profit growth looks set to turn negative.
That's a euphemistic way of saying the long-awaited US earnings recession is nearly upon us, and this time around, you needn't look to any famously bearish top-down strategists to make the case.
Consensus expects YoY earnings growth to flatline, then turn modestly negative in Q1 and Q2, before rebounding sharply in the back half of th
This dovetails neatly with my macro thesis for 2023: a long, interesting trip to nowhere. Were anyone to ask me for my year-end S&P 500 forecast (mercifully, no one will), I would just pull up the most recent market print and point to that.