Possible Turnaround Of Economic Growth In Upcoming Periods Lack In Conviction

Stocks appear poised for a positive open today. But with the Q1 earnings season now behind us and not much on the economic calendar today, the overall tone of today’s session is unlikely to be any different from the lackluster pattern we have been seeing lately.

Minutes of the Fed’s last meeting coming out this afternoon could move the markets, but they are unlikely to carry anything new beyond what the Fed officials have already been sharing with the markets.

On the earnings front, we are almost at the end point of the Q1 earnings season. Including this morning’s reports from Target (TGT), Tiffany (TIF), Hormel (HRL) and others, we now have Q1 results from 477 S&P 500 members. Total earnings for these companies are up +1.4% from the same period last year on +2.7% higher revenues, with 68.6% beating EPS estimates and 51.7% coming out with positive revenue surprises.

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