Note for earnings season | Seeking Alpha

First quarter earnings season kicks off in under a week, starting with the financial sector, with reports expected from JPMorgan and Wells Fargo on April 14.

This time around, “beats or “misses” will largely be irrelevant, because the results will be lowered by a tremendous increase in provisions for loan loss reserves, as well as considerations for a difficult economic cycle through 2021.

Some analysts haven’t even updated their estimates since before Feb. 19, when the S&P 500 hit its last closing record, meaning consensus estimates are dulled by “stragglers.”

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