Earnings Growth Is Really Acting As A Massive Support For The Market
Tech Stocks Slide Again Ahead of Key Inflation Reports
Sevens Report Research’s Tom Essaye told Barron’s that Wall Street is viewing the mixed signals over the key energy shipping choke point as “a nuisance.”
“All the market cares about is transit through the Strait getting back to normal, and that is going to happen,” says Essaye. “This sort of mindless delay that we’re going through, and back and forth, is now just sort of an annoyance more than anything else.”
The attention will turn to inflation starting with the Wednesday release of the consumer price index for July, followed the respective update on wholesale prices on Thursday. Essaye doesn’t expect the data to spark a broader stock market swoon.
“The earnings growth is really sort of acting as a massive support for the market, so for that to be overcome, we have to have really significantly negative macro risks,” says Sevens Report Research’s Tom Essaye. “And they’re just not there.”
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