Read the highlights of this week’s commentary from Helios:

  • Second quarter earnings, with 87 companies in the S&P 500 having reported, show aggregate earnings are exceeding estimates by 6.27%, with 79% of reported companies beating estimates and quarterly earnings rising 5.17% compared to Q1.
  • Retail sales came in below economists’ expectations, rising 0.2% versus the 0.5% that had been expected. Under the hood, growth was strong in clothing, electronics, and internet-based retail, though was weaker in services
  •  On the manufacturing side, overall industrial production fell 0.5% in June as manufacturing production fell 0.3%, both below expectations.
  • Putting industrial production and retail sales together shows that the disinflationary trend in consumer goods is likely to continue as demand softens and companies are cautious about keeping much inventory on hand.

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