Bob Doll: US financials will fall further through Q3

BlackRock CIO Bob Doll expects financials to fall further in Q3 but non-financials could be up nearly...

BlackRock CIO Bob Doll expects financials to fall further in Q3 but non-financials could be up nearly 20%. He said the second-quarter earnings season is going reasonably well so far. “The financial and consumer discretionary sectors will be down about 80% and 20% respectively,” he said. “However, three sectors are showing double-digit gains – energy is in the mid-20% area and technology and consumer staples are both up in the teens.” He said that while the number of unemployment claims has increased this is indicative of positive rather than negative GDP growth. “We think economic ...