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Amidst the volatility swirling around equity markets recently, it could be easy to forget about earnings. But the numbers for Q1 2025 are starting to roll in nevertheless. According to analysts surveyed by LSEG, Phillips 66 (PSX) has seen the largest revision of any firm in the S&P 500 Index (SPX), with an expected drop in earnings of -166%, highlights Ian Murphy, founder of Murphy Trading.

It’s too early to draw any conclusions, but the omens are not looking good. Let’s not forget, stock prices are based on expected future earnings, and the largest US refiners are seeing significant downgrades this quarter.

iShares Core S&P 500 UCITS ETF Chart

In the meantime, the S&P continued to trade below the -1 Keltner channel for the seventh consecutive week, as shown in the European-listed iShares Core S&P 500 UCITS ETF chart above. This is the largest ETF in Europe, and it became the first ETF holding more than EUR100 billion in assets under management.

As stock and ETF pickers continue to pivot to Europe, a few queries have come in about ETFs in the region. The industry is still years behind the US, but it seems to be catching up quickly.

About the Author

Ian Murphy is a full-time trader offering education, analysis, and tools to international equity and futures traders. He trades his own account using trend-following, swing trading, and day trading strategies. He is the author of Way of the Trader—A Complete Guide to the Art of Financial Trading, which has been published in the US, UK, India, and China.

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