Even mildly pessimistic guidance has investors spooked amid macro headwinds Earnings for S&P 500 companies grew by 25.8% in the third quarter, the strongest performance since the third quarter of 2010, when companies benefited from very attractive, recession-era comparable earnings. Nevertheless, from the start of earnings season to the close of trade Friday, the S&P 500 index SPX, +0.22% has fallen 2.7%, the Dow Jones Industrial Average DJIA, +0.49% 1.1%, and the Nasdaq Composite Index COMP, -0.15% 5.5%. “Third quarter earnings were outstanding both on earnings and revenue growth, the percentage of companies beating expectations, and the magnitude of those beats,” Michael Arone, chief investment strategist at State Street Global Advisors. But the selloff that accompanied these announcements is a testament to the fact that “Wall Street doesn’t care what you’ve done in the past. It’s all about what you’re going to do next quarter,” Arone said. The pairing of r...
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