Shares of S&P Global Inc. sank 8.2% in premarket trading Wednesday, after the debt rating and analytics company said it was suspending its full-year financial guidance, citing “extraordinarily weak” market conditions. The company said macroeconomic conditions deteriorated since it provided 2022 estimates a month ago, when it cut its adjusted earnings-per-share estimate to $13.00 to $13.25 from $13.30 to $13.50. The company said it expects to reintroduce financial guidance when it reports second-quarter results, which is currently projected to be in late-July. “Debt issuance volumes have been extraordinarily weak year-to-date,” S&P Global said in a statement. “Should similar trends continue through the end of 2022, market issuance could see year-over-year declines in the high teens.” The weak outlook also weighed on shares of rival Moody’s Corp. , which also shed 8.2% ahead of the open. Meanwhile, futures for the S&P 500 gained 0.2%.
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