BLACKROCK EARNINGS REPORT AWAITED IN WALL STREET
Investors will watch next week’s earnings from BlackRock, the world’s largest asset manager, for a snapshot of how the industry performed during the second quarter’s dramatic rebound in global financial markets, Saqib Iqbal Ahmed reported for Reuters early on Saturday, July 11, 2020.
Most expect numbers from industry bellwether BlackRock and other asset managers to reflect the sharp stock market rebound. The S&P 500 rose 20% in the second quarter after falling as much in the first three months of 2020 as the coronavirus pandemic slammed the economy.
Since the performance of asset managers tends to be tied to how markets fare, investors see a range of risks ahead, including further acceleration of US coronavirus cases and potential market volatility around the Nov. 3 presidential election.
Still, “just on a market level, the asset managers are in much better shape coming out of the second quarter than they were coming out of the first quarter,” said Macrae Sykes, global financial services sector analyst at Gabelli Funds. BlackRock is scheduled to report on July 17, with T. Rowe Price, WisdomTree Investments and Invesco among asset managers reporting in the following weeks.