Stocks gained Friday as commodity prices rose, but still remained below the Dow 11,000 benchmark. Art Hogan, director at Jefferies, shared his market outlook.
“I think we’re going to get a little bit of a lift today,” Hogan told CNBC.
“We spent a week going sideways, that’s probably a healthy thing coming into earnings season next week and I think the trend in earnings is most definitely going to be higher, not lower.”
Alcoa is scheduled to report first quarter earnings after the bell on Monday, marking the unofficial kickoff to earnings season. Hogan sees a better than expected earning period.
“It’s one of those earnings seasons where we’ve had little or no pre-announcements to the downside, which probably means that the estimates for the S&P 500, which are up 36 percent year-over-year—the second quarter in a row out of 11 quarters where we’ve seen earnings growth, are probably understated,” he explained.
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No immediate information was available for Hogan or his firm.