Amidst the volatility currently swirling around equity markets, it would be easy to forget about earnings. But the numbers for Q1 2025 are starting to roll in nevertheless. According to analysts surveyed by LSEG, Phillips 66 (PSX) has seen the largest revision of any firm in the S&P 500 Index (SPX), with an expected drop in earnings of -166%, highlights Ian Murphy, founder of Murphy Trading.
It’s too early to draw any conclusions but the omens are not good! Let’s not forget, stock prices are based on expected future earnings, and the largest US refiners are seeing significant downgrades this quarter.
iShares Core S&P 500 UCITS ETF
In the meantime, the S&P continues to trade below the -1 Keltner channel for the seventh consecutive week, as shown in the European-listed iShares Core S&P 500 UCITS ETF above. This is the largest ETF in Europe and it became the first ETF holding more than €100 billion in assets under management.
As stock and ETF pickers pivot to Europe, a few queries have come in about ETFs in the region. The industry is years behind the US, but it’s catching up quickly.
