Good morning,
Just over one-third of S&P 500 companies have reported earnings, and results are beating expectations by roughly 7.7%—right in line with the past few quarters. Combined with a better-than-expected CPI print, that was enough to lift major indices for the week:
S&P 500 +1.93%
NASDAQ +2.31%
Russell 2000 +2.51%
A strong week for global markets overall.
This morning, futures are higher as U.S.–China trade sentiment improves—setting the stage for what may be the biggest week of the year. Realistically, you could narrow the focus to just Wednesday and Thursday, and the week would still qualify. In that 48-hour span, we’ll see policy decisions from the BOC, BOJ, ECB, and—most importantly—the Fed, which is widely expected to cut rates again and could signal an end to quantitative tightening.
And that’s only the macro side. We’ll also get earnings from five of the Magnificent Seven—everyone but Tesla and Nvidia. Add in Thursday’s Trump-Xi meeting, and markets will have no shortage of catalysts, risks, and opportunities to digest.
Buckle up—this week should scratch just about every macro, micro, and geopolitical itch.
Be well,
Mike
