After five down days in a row, the stock market is having a nice rebound today. The S&P 500 is currently up over 1.6% as I write this.
As you might expect, the High Beta and riskier stocks are leading the charge. Some of the most defensive stocks like Hershey (HSY) and Church & Dwight (CHD) are down slightly today.
But the big winner today is Citigroup (C). Its shares are up over 12% thanks to a surprisingly strong earnings report. For Q1, the bank earned $2.19 per share. Wall Street had been expecting just $1.68 per share. That’s still a drop from the $2.85 per share the bank made in last year’s Q1.
Wells Fargo (WFC) is also having a good day. The shares are up about 6% after the bank reported earnings of 82 cents per share. That was a two-cent beat. A year ago, WFC reported earnings of $1.38 per share.
This morning, we got the retail sales report for June, and it was as expected. Retail sales rose by 1%. The Street had been expecting 0.9%. Excluding cars, the increase was also 1%. Wall Street was looking for 0.7%.
Posted by Eddy Elfenbein on July 15th, 2022 at 1:32 pm
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Eddy Elfenbein is a Washington, DC-based speaker, portfolio manager and editor of the blog Crossing Wall Street. His Buy List has beaten the S&P 500 by 102% over the last 17 years. (more)
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