Growing alarm over outlook for Biden economy sparks new market rout – POLITICO

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But on public conference calls, first-quarter earnings reports and in private conversations, companies from Goldman Sachs to Tesla are voicing caution about the economy in ways that should unnerve Democrats already facing brutal midterm elections.

That alarm is reflected in the stock market’s turbulence, with the Dow Jones Industrial Average plunging more than 800 points on Tuesday and the Standard & Poor’s 500 Index dropping almost 3 percent.

Dimon sounded bullish at times, as have other corporate titans, reflecting the best case — one Democrats are counting on — that could materialize.

And you’ve got a lot of people dealing with inflation now who have never had to deal with it before in their lifetimes.

On Monday, game maker Activision Blizzard, which boomed as millions of people stayed inside under quarantine, reported net game bookings of $1.5 billion — down from $2 billion at the same time last year.

It’s still early in the earnings season, with about 27 percent of the companies on the S&P 500 reporting quarterly results, according to financial data company FactSet.

To date, 15 S&P 500 companies have issued guidance for the second quarter .

The National Association for Business Economics’ widely watched survey on business conditions, released on April 25, “reflects the smallest share of panelists reporting rising profits since October 2020.” The news is far from all bad in the NABE survey: Most businesses reported increasing sales.

Netflix saw its stock plunge 30 percent at the open last week after the streaming video service reported a net loss of 200,000 subscribers when it had projected a gain of 2.5 million.

unemployment levels are low and wages are increasing, inflation is the highest it’s been in decades,” David Solomon, CEO of Goldman Sachs, said on the company’s April 14 earnings call.

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