Markets continue their downward momentum despite positive results from the first four Magnificent 7 reportsOutlier earnings date alert: The Coca-Cola Company , 3M Corp and The Hershey Company Last week was another rollercoaster ride for markets as investors digested everything from weaker-than-expected Q1 US GDP and the most recent Personal Consumption Expenditures Price Index which showed continued inflationary pressures to mixed results from big tech earnings and a falling University of...
On the earnings front, the Q1 season continues to come in better-than-expected. The first four reports from the Magnificent 7 were out last week. Tesla has been a relative downer this year, and despite missing Q1 EPS and revenue expectations when they reported on Tuesday, it was news that the production of a new affordable electric vehicle would begin in 2025 that caused investors to bring the stock up nearly 20% since that report.
Last quarter Hershey missed revenue expectations, causing the Staples name to fall over 3% by the next day. For a majority of the Q2 sell-off, defensive sectors such as Consumer Staples were a lagging sector , as cyclicals continue to outperform in this higher interest rate environment. According to analyst estimates collected by FactSet, Hershey is expected to post a 7% YoY decline in EPS for Q1.
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