Versace Portfolio Takes Profits as S&P 500 Tops 7,800 and July Retail Sales Slip

1 articles · Updated · TheStreet · Aug 14

Chris Versace said his portfolio has turned more cautious and already took profits in several positions as the S&P 500 hit a record above 7,800 and sentiment indicators pointed to an overbought market.
July retail sales unexpectedly fell from economists’ expected 0.1% gain, reinforcing his view that consumers are tightening spending under inflation pressure and trading down even as Costco keeps taking wallet share.
Energy prices and the lack of traffic through the Strait of Hormuz are adding to his inflation concerns, leading him to look past softer July CPI and PPI readings ahead of the Fed’s September decision.
He remains bullish on AI despite the broader caution, citing widening adoption, CoreWeave backlog commentary and OpenAI’s $40 billion annualized revenue run rate.
Versace is also rechecking S&P 500 earnings assumptions for 2027, where consensus calls for roughly 13% growth but could face downside if investment spending and tariff refunds prove nonrecurring.

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