Stocks finally snapped a three-week streak of losses. Whether they can keep up their recovery may depend in part on how earnings season plays out next month.
Analysts have cut their estimates for third-quarter earnings growth by 5.5 percentage points since June 30, according to John Butters, senior earnings analyst at FactSet. That is more than usual and marks the biggest cut since the second quarter of 2020, when the Covid-19 pandemic and ensuing lockdowns brought economic activity to a standstill.
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