Peter Boockvar, chief investment officer of Bleakley Advisory Group, said the market’s trajectory is now all about earnings. The two “keys tells” this week, were disappointing quarterly results from MSC Industrial Direct and Fastenal, both of which cited a slowing business environment. Fastenal, the largest fastener distributor in North America, said in its report that the trade war has damaged its business and outlined the difficulty in countering the losses.
With about two months past the most recent tariff round, Bank of America equity and quant strategist Savita Subramanian told clients this week that she “expects to hear more details on the impact from companies this earnings season.” Investors will start to get a fuller picture with Citi and other major banks kicking off the earnings parade next week.
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