Yet US manufacturing has likely already contracted into a recession, housing sales have plummeted, tech layoffs keep coming and corporate earnings growth is souring.
“We continue to think the economy will suffer from rolling recessions, evidenced by the fact that corporate earnings growth is now entering its downturn,” wrote Sonders in a note on Wednesday.
For five straight weeks, the bank’s clients have been big buyers of individual stocks and sellers of ETFs, she wrote.
Disney revenue in the quarter rose 8% to $23.5 billion, edging past estimates of $23.4 billion from analysts surveyed by Refinitiv.
The company reported revenue of $8.6 billion for the quarter, beating Wall Street’s estimates and marking a 49% increase from the prior year.