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Market Extra: As profit expectations drop, Goldman Sachs says stock market rally may hit the brakes

The U.S. stock market has hit a series of records of late, a rally spurred in part by the first-quarter earnings season, which was the strongest in nearly six years. But despite that, the earnings momentum that started the year has already shown signs of stalling, a factor that could limit Wall Street’s advance over the rest of the year.

Earnings expectations for the rest of 2017 have been coming down, eroded by an expected compression in profit margins and as investors push back the timeline for when the Donald Trump administration can possibly pass tax reform, an initiative that is deemed necessary for justifying current valuations.

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