Stocks and exchange traded funds (ETFs) are slumping this week as quarterly reports are due out and expectations are anything but great.
Glum Expectations. Fourth-quarter earnings reports are coming this week along with full-year numbers, and Wall Street is quiet as many are anticipating bad news. Several companies, such as Alcoa, warned of production cuts and recessionary type figures, coupled with oil prices feeling downward pressure, reports Sarah Lepro for Associated Press.
For the full earnings calendar, click here and continue to check back with us as we report the latest.
Companies such as Alcoa Inc. (AA) will report after the market close today. Intel (INTC) and Genentech (DNA) will report on Thursday.
Oil Feeling Pressure. Meanwhile, crude oil is feeling the downward pressure of the economy, as it dips below $40 again. It seems as if OPEC is not going to be able to change the slump caused by demand. Oil consumption is expected to drop by 1 million barrels per day, as Europe, Japan, and the U.S. are facing simultaneous recessions, the first since World War II, reports Mark Shenk for Bloomberg.
Oil is down 58% from one year ago.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.