Prior to the start of the second-quarter earnings season, investor relations departments and analysts massaged expectations downwards. The strategy worked.
When Goldman reported a disappointing second quarter, then, it didn't take investors aback. Its shares even rose almost 1% on the news. Astounding, if you think about the bank's 58% fall in profits. But not that surprising, given that investors were prepared and were probably heaving a sigh of relief there wasn't more bad news.
Elsewhere, the strategy of managing expectations seems to be working. More than three quarters of S&P companies that have reported results have exceeded expectations, according to FactSet data. That reinforced hopes that the economy can elude a recession as inflation falls and rates remain high.
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