Excerpt from MarketWatch quoting DataTrek co-founder Nick Colas:
…. “DataTrek Research has been pointing to third-quarter earnings as an area of potential concern for the U.S. stock market, as Wall Street analysts have trimmed estimates for company results.
“We no longer have the tailwind of analysts increasing S&P 500 earnings estimates every week,” DataTrek co-founder Nicholas Colas wrote in a note Wednesday. “As we’ve noted in every Sunday evening report for the last 3 weeks, they are in fact cutting numbers for Q3.”
That will probably continue until companies begin reporting results next month, according to Colas“….
Read the full article here on MarketWatch!