Wall Street slides as focus shifts to earnings | Malay Mail

The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York. — Reuters pic

Earnings for S&P 500 firms are expected to tumble 10.2 per cent in the first quarter, compared with a January 1 forecast of a 6.3 per cent rise, before plummeting 22.4 per cent in the second quarter as sweeping lockdowns halt business activity and spark furloughs. Volume was lighter than usual with European and other markets still closed following Easter Sunday, but investors “also are facing another phase for the market, and that is the earnings season,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

New York Governor Andrew Cuomo said yesterday he believed “the worst is over” as hospitalizations appeared to be reaching a plateau in the worst-hit US state, adding that he would announce a coordinated plan on reopening businesses.

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