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Why energy is powering earnings season
The US earnings season is in full swing; about a third of S&P 500 companies have already reported, and as a result Saxo Bank’s peter Garnry can already draw preliminary conclusions. He says energy is the best performing sector, up 8.9%, whilst materials is the worst, down 1.5%.
Since the earnings season began two weeks ago, financial stocks have outperformed the S&P 500 by nearly a percentage point, with Bank of America's results really standing out among the major US banks. However, figures on the tech front have disappointed, in particular from Microsoft and Google.
But overall, Peter says that across all key metrics S&P 500 companies look stable and the outlook has generally been to the upside or in line with expectations.
Read more about Peter Garnry’s earnings season predictions here:
http://www.tradingfloor.com/posts/us-earnings-season-earnings-surprise-myth-exposed-1731939870
01:29 minutes
Tags: bank of america, banks, company, earnings season, economic outlook, economy, energy, energy sector, equities, financial stocks, google, materials, microsoft, peter garnry, s&p 500, saxo bank, saxo tv, stocks, tech, tech companies, technology, tradingfloor.com, us banks, us earnings season, video