Silver Rises Over 120% YTD 
According to Bank of America’s analysis of recent earnings calls, corporate executives are expressing unprecedented pessimism about economic conditions during recent earnings calls, reaching levels not seen since the 2009 financial crisis.
Many companies are reducing their 2025 guidance due to uncertainty surrounding Donald Trump’s trade policies and tariffs.
With the S&P 500 down nearly 15% from February’s high, this earnings season carries significant importance.
Companies are struggling to quantify the impact of rapidly shifting trade policies, with 27% of S&P 500 firms cutting guidance while only 9% have raised their outlook. Automakers have been hit hardest, while consumer staples companies remain more optimistic.
