Week of May 20–24
Earnings season has almost wrapped up, with ~97% of S&P 500 companies having reported their Q1 2019 earnings so far. Unfortunately, last week was unimpressive for the market. The S&P 500 (SPY) fell 1.1%, driven by a fall in the energy, tech, retail, and consumer discretionary sectors.
The consumer staples sector fell 0.4%, and the consumer discretionary sector fell 2.2%, dragged down by US department store stocks. Nordstrom (JWN) and Kohl’s (KSS) stock fell after the companies reported their earnings. Shoe retailer Foot Locker also declined last week. FactSet reports that the S&P 500’s blended earnings fell 0.4% in Q3 2018.