1. Goldman sees zero earnings growth for US companies this year because of coronavirus
- Goldman Sachs revised its earnings estimate for the year for U.S. companies to $165 per share, representing 0% growth in 2020.
- This is a dramatic break from the consensus forecast of Wall Street, which still calls for earnings to climb 7% this year.
- “Our reduced pro?t forecasts re?ect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US ?rms, a slowdown in US economic activity, and elevated business uncertainty,” the firm’s chief U.S. equity strategist, David Kostin, said in a note to clients.
2. Dow plunges 1,100 points, bringing its decline from a record high to more than 10%
