Market Update – January 24, 2020

Earnings Season for the fourth quarter 2019 has begun. We are analyzing the data of the broad market and the individual stocks held in our portfolios. This report will seal the 2019 earnings growth rate. The consensus is that the growth rate will equal that of 2018—in other words, no growth. Normally, we would want to see growth rates in the high single digits, but the markets have been patient with what is believed to be transitory headwinds, such as the U.S. and China trade dispute.