Critical information for the U.S. trading day
Third-quarter earnings season has only just begun and Morgan Stanley’s pessimistic market strategist Mike Wilson is already labelling it a disappointment.
There’s also a smaller percentage of positive reactions. “With several of the mega cap leaders reporting this week, this trend bears close watching,” says Wilson. He notes that a few sectors — staples, healthcare equipment, telecom and energy — have been better stock market performance than the change in their earnings estimates would suggest, while autos and semis have seen the opposite. He says that supports the idea “defensives are getting a relative bid more recently as the market begins to rotate in a more counter-cyclical manner.”
The market The wait for the 10-year yield BX:TMUBMUSD10Y to cross 5% is finally over. U.S. stock futures ES00, -0.48% NQ00, -0.57% were lower. Gold GC00, -0.29% and oil CL00, -0.68% futures also fell.
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