A grand total of 446 of 500 S&P 500 companies have reported earnings, aggregate sales and earnings growth is down -2.4% and -8.5% respectively.
A few callouts:
- 6 of 10 sectors have reported negative sales and earnings growth;
- Energy leads the laggards, with sales and earnings plummeting -31.6% and -108.7% respectively;
- Financials & Materials earnings growth is down -14.3% and -15.1% respectively;
Meanwhile, looking at sector Performance:
- Our Macro team's favorite long sector of 2016, Utilities (XLU), continues to outperform, 13.1%;
- Our favorite short, Financials (XLF), is down -2.3% and is the second worst performing sector;
- Other callouts: Healthcare (XLV) is having a rough 2016 and Energy (XLE), which had a rough start to the year, is the second best performing sector.