Are Earnings Set to Eclipse the Stock Market Rally? 🌘

The market rallied on Friday, despite scorching jobs figures. Employment rose by 303,000 jobs in March, up from 270,000 jobs in February, and much higher than the expected 200,000 jobs. Healthcare, government and also cyclical sectors like construction, hospitality and retail trade all added jobs. Growth in average hourly earnings however slowed to 4.1% from 4.3%. As a result, the likelihood of 3 rate cuts by the Fed fell to 56% from 66%. As Delta and JPMorgan kick off first-quarter earnings season this week will they eclipse the rally? While Wall Street expects modest profit growth for corporates overall, executives are showing signs of pessimism given an uptick in late bill payments and struggles with lower-income consumers.

The tech sector is expected to be the key growth driver in Q1. According to FactSet, Wall Street analysts expect EPS growth of 3.2% for S&P 500 companies with a profit margin of 11.5%. All eyes will be on JPMorgan’s announcement of earnings on Friday as it is seen as a bellwether for the economy and CEO Jamie Dimon will give his take on the broader economy.

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