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Q3 Earnings Recap: Consumer Picture Remains Mixed

by Irene Tunkel, Chief Strategist   Rishabh Shah, Senior Analyst  

Q3 results were strong but failed to impress investors, and Q4 will likely prove more challenging. Beneath the surface, earnings diverged sharply: Firms catering to affluent consumers maintained solid momentum, while those reliant on the mass market lagged. We remain equal weight Consumer Services and underweight Consumer Staples.

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