Record S&P 500 Belies Damage Being Flagged in Earnings Reports

Equity markets are hitting new highs, signaling Wall Street is largely looking past the predictably volatile situation in Iran. That isn’t the case for individual companies.

As first-quarter report cards are rolling in, evidence is building that the war’s impact is stretching beyond the firms that move goods — and people — around the world. Most recently, the conflict raised costs for the container manufacturer Sonoco Products Co. and weighed on sales for industrial conglomerate Honeywell International Inc.