US Consumer Staples "The Weekly Tab: Turbulent Times" Grom

研报英文原文证据摘录

US Consumer Staples "The Weekly Tab: Turbulent Times" Grom

Global Research

10 July 2026ab

US Consumer Staples Equities

AmericasThe Weekly Tab: Turbulent Times

Household Products

Peter Grom

Tricky Setup Heading Into C2Q Analyst

This week, the XLP underperformed the S&P by ~292bps. As has been the case the last peter.grom@ubs.com

several weeks, the group's performance remains tethered to broader market rotations as +1-212-713 3482

well as shifts in the geopolitical landscape and with concerns on inflation once again Sona Fernandes

ratcheting higher this week given the ongoing Middle East conflict, the Analyst

underperformance is not entirely surprising. In addition, we think the volatility/price sona.fernandes@ubs.com

action has become more pronounced and the daily shifts have become more +1-212-649 8050

challenging to navigate. Heading into C2Q earnings season, sentiment continues to Chirac Ndetan

lean negative as (1) category trends have yet to meaningfully inflect despite easing Associate Analyst

comps/increased company level efforts, and (2) continued volatility across input costs chirac.ndetan@ubs.com

creates uncertainty on the profit/EPS trajectory. Across the group itself we believe +1-212-649 7501

investors are still having trouble gaining conviction outside of a few select names that Arian Chakravarty

continue to become incrementally crowded on the long side, which has led to further Associate Analyst

widening/dispersion between the top companies in Staples versus the rest of our arian.chakravarty@ubs.com

coverage. That being said, we think this narrative will eventually have to shift as stronger +1-212-713 1474

growth for these select companies becomes largely priced in and room for upside Antara Nag-Chaudhuri