US stocks staged a rally on Monday after notching seven straight weeks of losses as investors continue to digest first-quarter earnings and the impact …
US stocks staged a rally on Monday after notching seven straight weeks of losses as investors continue to digest first-quarter earnings and the impact of high inflation and interest rates. With 94% of S&P 500 companies having reported first-quarter earnings, 76% have beat profit estimates by a median of 9%, according to data from Fundstrat. Meanwhile, 72% of companies beat revenue estimates by a median of 3%. While most companies are beating their earnings estimates, big misses from retail giants Target and Walmart last week led to their biggest drop since Black Monday in 1987. Both Target and Walmart were forced to eat the costs of higher fuel and shipping costs, and said certain inventory categories were not selling well with consumers.
