无论业绩好坏，美国消费股都在跌！高盛看不懂：为何“逢低抛售”？

Core Viewpoint - Despite a strong overall performance in the second quarter earnings season for U.S. companies, the consumer sector has experienced an unusual phenomenon where stock prices have generally declined after earnings announcements, raising concerns about the sustainability of consumer strength [1][3]. Group 1: Earnings Season Performance - The earnings season has shown robust results, with 83% of the 317 S&P 500 companies that reported earnings exceeding expectations [3]. - However, the consumer stocks have not benefited from this strong performance, leading to a wave of unusual sell-offs [3][4]. Group 2: Market Reactions - A tactical "sell-the-news" environment is suggested by the widespread decline in stock prices, indicating that investors are taking profits on any rebound rather than building new long positions [4]. - High-profile companies like Procter & Gamble (PG) and PepsiCo (PEP) experienced initial stock price increases after reporting strong earnings, but ultimately saw declines in the following days [6]. Group 3: Impact of Negative News - Companies that reported disappointing earnings faced severe stock price drops, indicating a low tolerance for negative signals in the current market sentiment [7]. - For instance, Philip Morris International (PM) saw an 8% drop on the day of its earnings announcement, continuing to decline in the following days [7]. Group 4: Exceptions to the Trend - A few companies managed to resist the selling pressure, particularly those in specific sectors such as Las Vegas Sands (LVS) and Wingstop (WING), which showed strong stock performance post-earnings [8]. - However, these exceptions did not alter the overall weak sentiment in the consumer sector [9].