It looks like a tough earnings season: According to a report in the Wall Street Journal, the S&P 500 companies are on track to see profits shrink by 8.9 percent in the first quarter. Even the big boys are struggling: Microsoft and Alphabet (the parent of Google) both reported disappointing numbers and outlooks after the bell on Thursday, and fell in trading today.
The financial sector seems to have had the worst of it. Bank of America’s earnings dropped 18 percent. Goldman Sachs’ earnings fell by an incredible 60 percent.
Still, the markets are more or less surviving. The S&P 500 is still up on the year, albeit by just 2.3 percent.
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