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Financials kick off what should be a very interesting earnings season during the upcoming week. The first half of the quarter saw solid economic growth, a historically tight labor market, and a strong consumer; however, the second half of the quarter was very, shall we say, obverse. I think more important than the reported first quarter earnings will be the amount of guidance downgrades for the remainder of 2020 due to the great uncertainty moving forward. Earnings forecasts have been declining and it will be interesting to hear what the corporations are expecting moving forward and how they are handling the COVID-19 crisis.
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