What a difference a week makes!
Through February 21st, with 87% of the S&P 500 companies having now reported 4th quarter earnings, it is highly likely that we will end up with the first quarter of positive year-over-year growth since Q4 2018. As of December 31, the earnings estimate for Q4 was for a -1.7% decline. However, so far, 70% of companies have reported a positive earnings per share surprise, leading to the positive growth rate.
The week of February 24th was the worst week for the stock market since the financial crisis in 2008. As news about the Coronavirus out of China has accelerated, stocks have dropped 7-10% from their recent highs. This is an extraordinary move in such a short period of time.
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