Bank of America's top stock strategist warned clients that the S&P 500 has yet to reflect the impact the U.S.-China trade dispute could have on profits.
Subramanian, who sees the S&P 500 finishing the year at 2,900, added that her EPS target could be adjusted lower again if tariffs continue to increase.Bank of America cut its 2019 profit outlook for the stock market's biggest companies on Monday, citing renewed trade tensions between the United States and two key trading partners.
"Globalization has been a key driver of S&P 500 margin expansion via tax arbitrage, labor arbitrage, supply chain efficiency gains, and the like," Savita Subramanian wrote. "US companies have not been able to exert enough pricing power to offset the rising cost pressures, as evidenced by our Corporate Misery indicator, a macro gauge of margin risk."finishing the year at 2,900, added that Monday's 1.
That likely leaves defensive stocks as a good investment option in lieu of consumer or industrial companies, Subramanian said.
Source: News Formal (newsformal.com)
sounds like you have bad people in charge there ...
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