![]() ![]() ![]() This upcoming reporting season could mark the trough for corporate profit declines, according to strategists at Bank of America. Analysts are forecasting the sharpest drop in earnings per share for S&P 500 companies since the pandemic was crushing the global economy in the spring of 2020. Later in the week, companies will begin telling investors how much profit they made during the spring, and expectations are largely dim. High rates have helped pull down inflation, but they’ve also caused cracks in the banking, manufacturing and other industries while also pulling down on prices for stocks and other investments. The hope on Wall Street is that a continued easing in inflation will convince the Federal Reserve to stop its hikes to interest rates soon. Economists expect to see another slowdown, with prices 3.1% higher in June than a year earlier, down from inflation of 4% in May and just above 9% last summer. government will offer the latest update on inflation at the consumer level. The week’s main event will arrive on Wednesday, when the U.S. Activision Blizzard jumped 11.2% after a judge declined to stop Microsoft’s $69 billion takeover of the video game maker. Amazon was also pushing upward on the market, rising 1.1% on the first day of the annual Prime Day sales event it created. The company said it’s raising list prices for products by an average of 9%. Salesforce helped to prop up indexes after climbing 3.5%. Eastern time, and the Nasdaq composite was 0.1% higher. The Dow Jones Industrial Average was up 202 points, or 0.6%, at 34,145, as of 1:32 p.m. ![]() The S&P 500 was 0.2% higher in afternoon trading and looks to be on track for another quiet day after a listless Monday. NEW YORK > Stocks are ticking higher today as Wall Street waits for updates later in the week on inflation and corporate profits. ![]()
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