The Surprise of Earnings Season | David Darst Speaks to Bloomberg Asharq

Bloomberg Asharq hosted David Darst, CFA, Senior Advisor and Investment Strategist at The Family Office, to discuss his outlook for earnings season. Below are the highlights of the interview:

The earnings season surprised many. Everyone must keep up with the Q2 bank outlook and opinions provided by Jamie Dimon, Chief Executive Officer at JPMorgan, Charles Scharf, Chief Executive Officer at Wells Fargo, and Jane Fraser, Chief Executive Officer at Citigroup.

A big amount of the $2 trillion circulating in the market is yet to be spent, which impacted earnings and the economy positively.

The Federal Reserve (the “Fed”) addressed interest rate hikes during its 26 July meeting, and maybe during its September meeting as well.

The focus was on the Fed last year. This year, it is on earning. Recently, the economy has done well in various sectors.

There might be a recession in 2024 but not during the second half of this year.

The market is expanding. The performance of stocks is improving for the material, manufacturing, and consumption sectors.

Monetary policy tightening persists not only in the US, but also in the UK, Canada, Australia, and the European Union. However, this is not the case in Japan.

Nasdaq 100 was up 38% during the first half of the year.

Watch the full interview above.