Posted on 10/28/2019 1:37:36 PM PDT by SeekAndFind
There’s one big word we are not hearing this earnings season.
There are plenty of issues causing agita for investors this earnings season: China, industrial slowdown, auto sales slowdown.
The one word that is not being uttered on conference calls: recession.
The U.S. consumer — the engine of global growth — is still holding up, according to CEOs and CFOs who have spoken on their company conference calls in the last few weeks.
It’s one reason why the S&P 500 hit an all-time record high on Monday, up more than 20% year to date and completing a rebound from an August sell-off.
Almost 200 companies in the S&P 500 have reported third-quarter earnings.
“Of the S&P 500 companies that have reported over the last month, just 32 mention recession on their calls,” said Nick Mazing of Sentieo.
And that — along with hopes for a trade deal breakthrough — is the major reason the S&P 500 is knocking on the door of a record high.
Here’s a sample of recent conference call comments on the prospects for a recession in 2020.
Bank CEOs optimistic on consumer
Harris Simmons, Zions Bancorp CEO: “We don’t see any indications of a broad-based recession on the horizon.”
Jack Barnes, CEO, People’s United Financial: “We feel that we are not on the verge of a recession.”
CFO Darren King, M&T Bank: “While sentiment about a potential recession is building, we’re not seeing or hearings signs of a slowdown.”
Credit card companies: U.S. consumer strong
Richard Fairbank, Capital One CEO: “I think the U.S. economy and the U.S. consumer is in pretty good shape. Consumers are obviously benefiting from a strong labor market, rising wages and last year’s tax cuts, all of which are driving up disposable incomes
(Excerpt) Read more at cnbc.com ...
Obviously this is Trump's fault.
Good to hear that impeachment is going strong so we can end all this excitement and get back to clipping coupons.
Clearly this is a sign of a weak economy!
Impeach!
Clearly this is due to democrat leadership sponsoring all that important legislation to reduce taxes, regulation and effect trade policy reform. /industrial strength sarcasm.
S&P 500 closes at record highs as trade optimism provides boost
Oct 28, 2019
https://www.foxbusiness.com/markets/us-stocks-oct-28-2019
Anyone old enough to remember when the Alphabets gave the DJIA close every single night on the evening news?
I can’t remember the last time I saw it (usually when there’s a big loss under Trump). Seriously doubt they’ll mention this tonight.
I know, I know. Shouldn’t be watching the FakeNews but I like watching them make a$$es out of themselves.
That is a good one!
CNBC Must have been painful to run this. Meanwhile as expected the Rats are preparing to showcase their coached witnesses against Trump with public hearings. The secret hearings were the rehearsals.
Yup. Economy is bust. Recession on the horizon no doubt about it right lame stream?
But I already ordered my “Trump destroyed the economy” t-shirt! ;)
Liberal heads are exploding!
LOL!!
PEACH FOTY FI
Like the weather and professional sports, the DJIA used to be non-political.
Also, anyone who wants to know the DJIA can find it on the internet in seconds, anytime they want. There's not much point in putting it on the nightly news.
Accompanying the recession will be outbreaks of racism and homophobia everywhere. And you guessed it, Trump’s fault!
But this isn’t right!! We need a recession so we can get rid of that bad man Trump!! We don’t want a good economy...say it ain’t so!
/sarc
Stop watching the fake news.
Aren’t the demonrats sabotaging the economy yet, or are they waiting till summer?
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