Market Focus
As the first-quarter earnings season in the U.S. wraps up this week, one theme has stood out sharply in company reports. According to the latest analysis from FactSet Research, between March 15 and May 15, 451 companies in the S&P 500 held earnings calls, and 381 of them, or about 84%, mentioned “uncertainty.”
One of the main sources of this anxiety is President Trump’s trade policy. Although the series of tariffs announced in early April have largely been put on hold, “tariffs” and “uncertainty” are still expected to dominate discussions when the next earnings season kicks off in July.