Feb 22, 2019

S&P sales and profit are moving in the wrong direction

With more than 80% of S&P 500 companies now having reported fourth quarter results, it's becoming clear that sales growth is slowing but profit growth has plunged.

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Adapted from The Earnings Scout Report; Note: Only 419 companies have reported in Q4 2019; Chart: Andrew Witherspoon/Axios

Why it matters: Profit margins are the tightest since 2017. Companies are blaming rising labor and material costs.

  • According to FactSet, the S&P's collective after-tax profit margins have dropped to 10.7% from 11.3%.

Bonus stat: The percentage of S&P companies beating profit expectations trails the 5-year average. The number of companies that have topped sales estimates are above the 5-year average so far.

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Tanker truck appears to plow into Minneapolis protesters

A tanker truck appears to have driven toward thousands of protesters during a demonstration in Minneapolis, video from the scene shows.

Details: Minnesota Department of Public Safety tweeted, "Very disturbing actions by a truck driver on I-35W, inciting a crowd of peaceful demonstrators. The truck driver was injured & taken to a hospital with non-life threatening injuries. He is under arrest. It doesn’t appear any protesters were hit by the truck."

  • The incident happened as protesters gathered at the Interstate 35W Bridge across the Mississippi River just before 6 p.m. on Sunday, per CBS Minnesota.
  • Gov. Tim Walz had "ordered highways and interstates to start closing at 5 p.m.," according to the Star Tribune.

Editor's note: This is a developing news story. Please check back for updates.

Inside Trump's antifa tweet

President Trump at Cape Canaveral on May 30. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

As recently as Saturday night, senior administration officials told me that the designation of a violent cohort of far-left activists, antifa, as a terrorist organization was not being seriously discussed at the White House. But that was Saturday.

Behind the scenes: The situation changed dramatically a few hours later, after prominent conservative allies of the president, such as his friend media commentator Dan Bongino, publicly urged a tough response against people associated with antifa (short for "anti-fascist").

U.S. enters 6th day of nationwide protests over George Floyd's killing

A protest in Philadelphia on May 31. Photo: Mark Makela/Getty Images

Protests continued across the country for the sixth day in a row on Sunday, as demonstrators called for justice in response to the deaths of George Floyd, EMT Breonna Taylor, jogger Ahmaud Arbery and countless other black Americans who have suffered at the hands of racism and police brutality.

What's happening: Protestors in D.C. broke one police barricade outside the White House on Sunday evening after reportedly demonstrating for several hours. The atmosphere was still largely peaceful as of 6pm ET.