'It gets harder from here': T. Rowe Price exec expects stock market to remain bumpy

THE BUSINESS JOURNALS2021-11-02

It's time to temper expectations and prepare for a slowdown in the stock market, according to the incoming CEO of T. Rowe Price Group Inc. Stocks have been roaring since they bottomed out in March and...

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charlene7829
2021-11-02
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Rowe Price Group Inc.\nStocks have been roaring since they bottomed out in March and...</p>\n\n<a href=\"https://www.bizjournals.com/baltimore/news/2021/11/01/t-rowe-price-incoming-ceo-on-stock-market.html?ana=yahoo\">网页链接</a>\n\n</div>\n","source":"lsy1633760424806","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'It gets harder from here': T. 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Rowe Price exec expects stock market to remain bumpy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-02 13:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bizjournals.com/baltimore/news/2021/11/01/t-rowe-price-incoming-ceo-on-stock-market.html?ana=yahoo><strong>THE BUSINESS JOURNALS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It's time to temper expectations and prepare for a slowdown in the stock market, according to the incoming CEO of T. Rowe Price Group Inc.\nStocks have been roaring since they bottomed out in March and...</p>\n\n<a href=\"https://www.bizjournals.com/baltimore/news/2021/11/01/t-rowe-price-incoming-ceo-on-stock-market.html?ana=yahoo\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TROW","symbol_name":"普信集团","start_time":0,"source_url":"https://www.bizjournals.com/baltimore/news/2021/11/01/t-rowe-price-incoming-ceo-on-stock-market.html?ana=yahoo","article_id":"1199262209","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1199262209","pubTimestamp":1635830047,"sourceInfo":{"source_id":"lsy1633760424806","name":"THE BUSINESS JOURNALS"},"weMediaInfo":null,"summary":"It's time to temper expectations and prepare for a slowdown in the stock market, according to the in","collect":0,"end_time":0,"defaultTopTitle":"bizjournals.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TROW":"普信集团"},"translate_title":"T.Rowe Price执行长预计股市仍将起伏不定","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TROW":0.9},"content_text":"It's time to temper expectations and prepare for a slowdown in the stock market, according to the incoming CEO of T. Rowe Price Group Inc.\nStocks have been roaring since they bottomed out in March and April of last year during the early days of the Covid-19 pandemic. The S&P 500 index of the largest companies in the U.S. is up more than 22% and seemingly at or near a new all-time high every day. But after a \"bumpy\" third quarter,Rob Sharpssaid he thinks \"it gets harder from here\" because of looming headwinds such as inflation and a possible slowdown in corporate earnings.\nSharps, who will succeed William J. Stromberg as CEO of Baltimore-based T. Rowe Price (NASDAQ: TROW) at the end of the year, discussed the state of the financial markets with the Baltimore Business Journal during a recent interview about the mutual fund giant's third quarter earnings. Sharps is currently president and head of investments for the company.\n\"People should temper their enthusiasm or their return expectations on a go-forward basis,\" Sharps said. \"We’ve seen the best part of the cycle from a financial market return perspective already.\"\nSharps described the Federal Reserve's policies right now as \"accommodative but less so.\" The central bank plans to \"taper,\" or slow down the pace of bond purchases, beginning this month. As inflation continues to soar, most economists and financial experts also expect the Fed to raise interest rates sometime in 2022.\n\"I think the markets are assuming a bit of resolution of that and that inflation is transitory,\" Sharps said. \"I think there is already a favorable resolution priced into markets. If that ultimately is not the case, I think that is a potential risk and a challenge that may force the Fed’s hand to move quickly.\"\nRECOMMENDED\nThe prospect of a slowdown in corporate earnings growth also presents a challenge, Sharps said. Earnings among S&P 500 companies are on track to be up more than 50% this year. Early estimates have earnings growing another 10% next year, which Sharps said is a \"hefty number\" that many at T. Rowe Price consider \"pretty aggressive.\"\n\"Profitability has also recovered to a remarkable level,\" Sharps said. \"We are already well above where we were pre-pandemic in 2019 in terms of corporate profits.\"\nSharps pointed to comments by David Giroux, one of T. Rowe Price's chief investment officers and portfolio managers, during a recent presentation before the company's mutual fund board. Giroux said he believes corporate profits at S&P 500 companies are higher than they would have been if not for the pandemic, due to stimulus and not spending money on travel or other expenses.\n\"As the world gets back to normal and deals with higher costs and other things, it might be a real challenge for corporate earnings to grow on a go-forward basis,\" Sharps said.\nT. Rowe Price itself is having to navigate the choppy financial markets. The company's adjusted profit grew 27% in the third quarter and revenue increased 22.5%, but both fell slightly short of Wall Street expectations. T. Rowe also saw its assets under management decrease by $10.8 billion to $1.61 trillion during the quarter as net cash outflows totaled $6.4 billion.\nDespite the challenges, Stromberg described the three-month period ending Sept. 30 as\"another quarter of solid execution\"and said T. Rowe's \"long-term investment performance remains excellent.\" He also said the loss of client assets is \"not indicative of underlying issues.\"","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":843238917,"gmtCreate":1635830247061,"gmtModify":1635831418933,"author":{"id":"4090557007964430","authorId":"4090557007964430","name":"charlene7829","avatar":"https://static.tigerbbs.com/8c355c6cc30f1a83b4a5e636e6645a94","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"4090557007964430","authorIdStr":"4090557007964430"},"htmlText":"Gd","listText":"Gd","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/843238917","repostId":1199262209,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":20,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1199262209"}