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Citi, UBS Wealth Say US Earnings Holding Up Better Than Feared

  • Citi expects upbeat earnings to support stocks in second half
  • Consumer spending has remained resilient so far: UBS GWM
Buildings on the Manhattan skyline in New York.

Buildings on the Manhattan skyline in New York.

Photographer: Victor J. Blue/Bloomberg
Updated on

The US corporate earnings season is turning out to be better than feared as consumer spending remains resilient, while stocks have already priced in much of the bad news, according to Citigroup Inc. and UBS Global Wealth Management strategists.

Of the US companies that have reported so far, 60% have beaten sales estimates while 75% have topped profit expectations, Mark Haefele, chief investment officer at UBS GWM, wrote in a note. “Overall, earnings growth is slowing, but not sinking,” he said.