Earnings Outlook: Consumers in the Spotlight
- By John Tierney
- 3 min read
Summary
- After another 4.6% drop last week, the S&P 500 is trading at fair value. We look for it to trade in a range for now, and track earnings, likely lower.
- The NASDAQ is still 14% overvalued – we see more pain coming here.
- It is another light week for earnings with 12 companies reporting. But it is an interesting mix, with travel companies Carnival Corp and Vail Resorts, and sports fashion Nike reporting on (presumably) changing consumer tastes.
- CarMax may indicate whether used car supply is likely to rise (and used car prices ease); and Micron Technology may provide clues about whether appetite for consumer electronics is returning.
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