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It’s earnings season, and as of Friday, profits for S&P 500 companies were down roughly 34 percent compared to the same time a year earlier, with 62 percent of companies reporting.
Coincidentally, that decline is close to the rate at which the U.S. economy shrank in the second quarter due to coronavirus lockdown measures. U.S. GDP plunged an historic 32.9 percent compared to the previous quarter, the fastest pace on record.
Not all companies have suffered in the age of COVID-19, though. Big tech earnings surged as a large percentage of the population was restricted