Goldman "Surprised" By Consumer Stocks Sliding After Earnings

The second-quarter earnings season is about two-thirds complete, with 317 S&P 500 companies having reported as of Friday morning. So far, 83% have exceeded profit expectations, with revenues coming in 2.6% above Wall Street estimates and earnings surprising to the upside by 8.3%. On the surface, the results paint a solid picture, but beneath the headline strength, Goldman Sachs consumer specialist Scott Feiler has spotted emerging cracks in the consumer sector.