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The “Earnings Recovery” Remains an Accounting Mirage

U.S. equities may have rebounded from 2015 lows, but economic earnings – which reverse accounting distortions and account for the weighted average cost of capital – remain in a persistent downturn.
A spastic rally broke down yesterday as expected at projected resistance and produced a loss for the day.Today: a slight firming in the U.S. stock-index futures suggests a mixed to positive open.