Fidelity's Jurrien Timmer Explains The Importance Of Upcoming Earnings Season: 'If This Is An Aspiring New Bull Market...'
Portfolio Pulse from Bhavik Nair
Jurrien Timmer, Director of Global Macro at Fidelity, believes the upcoming earnings season is crucial for justifying the current trend as an aspiring bull market. The S&P 500 is currently trending at about 19x its estimated 12-month earnings, above its historic average of 15.6x. Timmer suggests that the market's current valuation pivot will be justified if earnings bottom out late this year while showing just a modest drop. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust Series 1 (QQQ) both saw gains recently.
June 28, 2023 | 4:49 am
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POSITIVE IMPACT
The Invesco QQQ Trust Series 1 (QQQ) gained 1.72%. The upcoming earnings season and the Fed's actions could impact its performance.
The QQQ ETF, which tracks the NASDAQ-100, could be impacted by the upcoming earnings season and the Fed's actions. If earnings improve and the Fed continues its current course, this could support the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) closed 1.1% higher. The upcoming earnings season and the Fed's actions could impact its performance.
The SPY ETF, which tracks the S&P 500, could be impacted by the upcoming earnings season and the Fed's actions. If earnings improve and the Fed continues its current course, this could support the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80