A Snapshot of the Market for the Week Ended May 7, 2021:
The stock market kept on rolling as the parade of higher than expected earnings and economic prints like the ISM indices, factory orders and productivity marched on. According to a Credit Suisse analysis, 86% of the 426 S&P companies which reported, 85% beat expectations. Earnings per share are projected to grow 47% on 10% revenue growth in Q1. Meanwhile, the chatterbox is telegraphing a corporate tax rate of 25%— a number that Biden said out loud that he would accept. That was sufficient reason for Credit Suisse to target 4600 for the S&P 500.
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By Hubert Marleau
By Hubert Marleau
