Wall Street will learn more about the health of the American consumer next week as big retailers report their earnings
NEW YORK - The strength of the U.S. consumer has been often cited as a pillar of the economy and one of the reasons the S&P 500 has recently scaled new heights, but consumer discretionary stocks have skipped the party for several months.
According to Refinitiv data, 65% of the companies in the sector that have reported earnings have topped expectations, below the 74.6% beat rate for the S&P 500 as a whole through Nov. 15. The third-quarter year-over-year earnings growth rate for the sector has tumbled to 0.9% from the 9.9% anticipated at the start of the year.
“This is a very confusing time for investors looking at this sector,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. “Whither the sales?” “Right now there is not much optimism; it is kind of a wait- and-see before reacting approach,” said Yanushevsky. “If there is some sort of optimism like a Phase 1 deal is signed and then there is a clear path to Phase 2 and Phase 3, that could reignite that optimism that we saw in the beginning of the year with the securities.”
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