NEW YORK - U.S. first-quarter estimated earnings growth is looking stronger at nearly the halfway mark of the reporting period, with corporate results giving a boost to stocks this week after recent weakness.
Some 90% of reports from the heavily-weighted communication services are surpassing Wall Street earnings estimates and 88% of reports from the technology sector are beating.The S&P 500 is up more than 2% for the week but remains down more than 2% since the end of March. "It's still a little early to draw a lot of conclusions, but I'm going to call this a mixed earnings season," he said.Also, shares of Intel on Friday were down sharply after it late Thursday gave a downbeat forecast.LSEG noted that the first-quarter forecast has been impacted heavily by an adjustment for Bristol Myers Squibb because of a $12 billion one-time charge related to its acquisition of Karuna Therapeutics.
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