Silver lining to U.S. market sell-off: 根底となるs still seem to 事柄
By David Randall and Noel Randewich
NEW YORK, Aug 7 (Reuters) - U.S. companies 地位，任命するing strong 収入s are still winning laurels from 投資家s, even まっただ中に the 幅の広い 在庫／株 sell-off over the last week, 示唆するing that the 肉親，親類d of 無差別の selling seen the last time an 明らかな 平価切下げ of 中国's yuan spooked 全世界の markets is far from 切迫した.
High-飛行機で行くing 在庫／株s like Chipotle Mexican 取調べ／厳しく尋問する Inc, Starbucks Corp and 半導体 器具／備品 製造者 KLA Corp are all up 8% or more so far in the third ４半期/4分の1, after the companies 地位，任命するd strong 収入s and 予測（する）s, 延長するing 決起大会／結集させるs that have 解除するd each company's 株 by 40% or more since the start of the year. The （判断の）基準 S&P 500 , 一方／合間, has shed 2.3% since the start of the ４半期/4分の1 as 恐れるs of a 通貨 war between the 部隊d 明言する／公表するs and 中国 lead more 投資家s to question the strength of the 全世界の economy.
中国 許すd its 通貨 to 弱める past the 重要な 7-per-dollar level on Monday for the first time in more than a １０年間, in 返答 to the 脅し of a new 一連の会議、交渉／完成する of punishing U.S. 関税s. The 部隊d 明言する／公表するs, in turn, labeled 中国 a 通貨 manipulator for the first time since 1994. A 類似の 予期しない 価値低下 in the yuan in 2015 押し進めるd the S&P 500 to the 辛勝する／優位 of a 耐える market.
The 最近の selloff has left the S&P 500 負かす／撃墜する nearly 5% from its 記録，記録的な／記録する high の近くに on July 26, with the 科学（工学）技術 索引 負かす／撃墜する over 6%. The S&P 500 ended Wednesday up 0.08% after spending most of the day in 消極的な 領土.
Bank 在庫／株s and other 財政上のs took an 付加 攻撃する，衝突する on Tuesday, 傷つける by 増加するd 期待s that the U.S. 連邦の Reserve will 削減（する） 利益／興味 率s three more times by year-end.
Still, 大臣の地位 経営者／支配人s and strategists say that although the S&P 500 地位，任命するd its worst day of the year on Monday, the market continues to reward companies that have strong 根底となるs.
"There are より小数の （疑いを）晴らす winning gro wth companies and in large cap there are より小数の really attractive 消費者 指名するs than a few years ago," said Barbara Miller, a 大臣の地位 経営者／支配人 at Federated 投資家s. "The companies that are stronger fundamentally are pulling 今後 a little bit if they are in 部類s with any 大型の volatility."
Katie Nixon, 長，指導者 投資 officer at Northern 信用 Wealth 管理／経営, 述べるd the market as "stick-to-what's-working," 説 that "we're nowhere 近づく a capitulation.
"If we get any sort of 貿易（する） 一時休戦 talk you could see the market 引き裂く from here and go up to its previous highs," Nixon said.
全体にわたる, companies are 天候ing the market sell-off 概略で in 割合 to their 法人組織の／企業の results. の中で the companies that have 地位，任命するd 収入s since the S&P 500 touched its 記録，記録的な／記録する high on July 26, the 株 prices of those that （警官の）巡回区域，受持ち区域 収入s 見積（る）s by 30 パーセント or more are 負かす／撃墜する only 3 パーセント on 普通の／平均（する）, while companies that 行方不明になるd 期待s are 負かす／撃墜する 7 パーセント on 普通の／平均（する）, によれば Refinitiv data.
S&P 500 companies whose 十分な-year 収入s per 株 見積（る）s have been raised by 分析家s this 報告（する）／憶測ing season have also outperformed since the 索引 began its 減少（する） from the July 26 記録，記録的な／記録する high, 反映するing 投資家s' greater 信用／信任 in those companies 収入s.
収入s per 株 are up 2.7% for the S&P 500 as a whole for companies that have 報告（する）／憶測d second-４半期/4分の1 results, with 概略で 73% （警官の）巡回区域，受持ち区域ing 分析家 見積（る）s.
"The underlying reality is that the 根底となるs of the U.S. economy remain remarkably okay and 収入s continue to より勝る people's worst 恐れるs," said Jim Paulsen, 長，指導者 投資 strategist at 独立した・無所属 投資 研究 会社／堅い The Leuthold Group.
By comparison, the 深い 減少（する）s in 株 prices in August 2015 in the wake of the last 予期しない 拒絶する／低下する in the yuan 同時に起こる／一致するd with a 全世界の 製造業の 後退，不況 that helped 噴火口，クレーター the price of oil and other 商品／必需品s, Paulsen said.
"収入s 港／避難所't rolled over, and neither has the economy," he said.
(報告（する）／憶測ing by David Randall and Noel Randewich; Editing by Jennifer Ablan and Leslie Adler)
