Lowered profit forecasts raise concerns on shaky Wall Street

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Recent profit warnings from bellwether companies like Ford Motor Co, may signal more challenges ahead for corporate America, increasing wariness for investors as the stock market deepens its sell-off.

The announcements are "very important, especially if there is a spate of future warnings," said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina.Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022.

Third-quarter results start coming by mid-October, marking one of the next big events for stock investors.But the respite appears over, with the Dow Jones industrial average is down 23% for the year so far, while the Nasdaq is down 31%. Both are also within close reach of the bottoms reached in June.

Source: News Formal (newsformal.com)

 

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