Upward revisions to current-year earnings forecasts have followed one after another, reigniting buying interest in domestic-demand defensive stocks. Drugstore operators’ first-quarter results have been cited as a catalyst after exceeding market expectations.
Major upward revisions to current-year earnings forecasts have been reported, prompting stock selection focused on earnings momentum. The relative strength of domestic-demand defensive stocks is likely to attract attention, while overall market movements are being shaped by positioning ahead of and around earnings season.
News that first-quarter results, particularly among drugstore operators, exceeded market expectations has been reported, indicating stronger buying interest in domestic-demand sectors. Even during profit-taking in the indices, there is a view that funds will remain in stocks whose performance can be explained by their earnings.