EARNINGS WRAP — MONDAY, JULY 20

Scorecard: 3 reporters, 0 beats, 0 misses, 3 in-line. Light day. Steel, insurance, pizza. $DPZ carries the widest consensus spread — the consumer read is everything. $STLD | Consensus EPS $2.79 Flat print at $2.78. Steel demand holding but no upside surprise. Watch for construction commentary — infrastructure spend is the swing factor. Guidance silent, so the tape leads. $WRB | Consensus EPS $1.14 Landed at $1.30 but flagged in-line due to adjustments. Insurance pricing cycle still firm. No guidance raise means the hard-market thesis is priced in. Sector read: discipline over growth. $DPZ | Consensus EPS $4.27 In-line at $4.13 on $1.2B rev. The miss is the message — delivery fatigue or value-seeking trade-down? No guidance bump signals caution. Post-earnings drift pattern leans negative here. THE CALL: $DPZ has the most to prove. Consumer discretionary is the tape-breaker — if the pizza trade softens, buckle up for broader spend fears. Surprise risk sits squarely on the consumer

Scorecard: 3 reporters, 0 beats, 0 misses, 3 in-line. Light day. Steel, insurance, pizza. $DPZ carries the widest consensus spread — the consumer read is everything.