While the market has been reacting to all things Federal Reserve, investors are soon going to depend on earnings—and this earnings season could be a “sloppy” one, Nuveen Asset Management’s Bob Doll told “Nightly Business Report.”
“Revenue gains in the first quarter left something to be desired and we may have another quarter of sloppiness, which is part of the reason I think the stock market may back and fill before it moves substantially higher,” he said.
Earnings season kicked off earlier this week when aluminum giant Alcoa posted its results. Analysts have low expectations for corporate America’s second-quarter earnings reports.
(Read More: Earnings: Here We Go Again)
However, Doll feels a lot better about the second half of this year and into next year “in terms of earnings improvement, [and] highest single-digit earnings gains.”
This earnings season, however, investors should be on their toes, Doll said. CEOs have been sending mixed messages—most of which have been positive but nothing of a “big magnitude.”
“We have to watch the next releases quickly, which will be fast and furious,” he said.
Doll also urged the small investor not to give up on the market.
“We need the individual investor,” he said. “I wouldn’t give up, but I’d make sure I relied on financial advisors and some products that can help me get there, as opposed to doing all the work myself.”