The US stock-market action last quarter was dumbfounding. Big US stocks rocketed higher despite this global pandemic ravaging the US economy, which collapsed by a third in annualized terms! That makes understanding their fundamentals more important than ever. The winding-down Q2'20 earnings season reveals whether those massive stock-price gains were actually justified by underlying corporate profits.
Last quarter proved this country's worst in history economically, with US GDP crashing at a brutal 32.9% full-year pace! 3/4ths of that plummeting was driven by personal consumption cratering. Tens of millions of Americans were receiving unemployment payments. When