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The U.S. Expansion Carries On
We were trading around 2100 on the S&P500 in early JUNE. The S&P 500 breaks thru its high at 2135. Weak Q1-16 U.S earnings can only be ignored via a summer 2016 look ahead to 2017. Earnings and revenue growth are not expected to return until 2H 2016. The U.S. remains in expansion. Recent monthly labor market evidence was NOT conclusive however. The U.S. created just +38K new jobs in May. The number of new jobs was the smallest the economy created since the fall of 2010. Consensus had pegged an increase of +155K non-farm jobs.
Zacks June Sector/Industry/Company Telescope: The U.S. consumer did show up strongly in late May macro data. It clearly helped analysts to upgrade earnings estimates for consumer sectors. In sum, Consumer Staples and Consumer Discretionary are back to the top of the S&P500 sector pack. Materials --another Very Attractive sector—were led by industries that supply consumers.