Yardeni QuickTakes (Page 2)

MARKET CALL: Animal Spirits Are Back

Apr 19, 2026 4 min read paid

When Kaiser Wilhelm II's Germany and Tsar Nicholas II's Russia squared off in the summer of 1914, the London Stock Exchange closed for five months. The New York Stock Exchange shut for four months. Investors assumed a continental war would be a calamity. World War I was a calamity for sure. However, by 1915, the NYSE had reopened, and the DJIA more than doubled by late

Ed Yardeni
Toby Hearst

INDUSTRIALS: Earnings & P/E Multiples Boosted By Booming AI, Onshoring & Defense Spending

Apr 18, 2026 4 min read

We continue to recommend overweighting the Industrials sectors in the S&P 500, the S&P 400, and the S&P 600. Granted, their valuation multiples are high, but so are their earnings growth rates. The sector's three major indexes all remain on solid uptrends that started in 2022 (chart). The S&P 500 Industrials sector is up 11.9% ytd, the third-best performing

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: April 20-24

Apr 18, 2026 3 min read

The week starts with the Strait of Hormuz still the key risk for financial markets. Today, Iranian state media said the Strait has been closed again because the US “did not fulfill their obligations.” Iran had declared it was open on Friday. A renewed US diplomatic push could send senior officials back to talks as early as Monday, but no date has been finalized, and the situation remains fluid. In

Ed Yardeni
Toby Hearst

Stock Market Highs Confirm US Economy Is A Winner

Apr 16, 2026 4 min read paid

The message from the stock market is clear: The US economy is passing another stress test. Both domestic and foreign investors have shifted their attention from the risks of military escalation in the Middle East back to the remarkably consistent resilience of the US economy. The results are all-time highs in equities and a fresh wave of buying by both domestic and foreign investors. Even Michael Burry is reportedly buying

Ed Yardeni
Elias Griepentrog

The Champagne Glass Is More Than Half Full

Apr 15, 2026 5 min read paid

Happy days are here again! The S&P 500 and Nasdaq rose to record highs today, which just happens to be tax day. What's all the excitement about? The AI bubble hasn't burst, so far. Instead, hyperscaler stocks are leading the charge since the stock market bottomed on March 30 (chart). The private credit bubble may be losing some air, but it isn't

Ed Yardeni
Elias Griepentrog

WEEKLY WEBCAST: On US Profits, Consumers & Inflation

Apr 15, 2026 1 min read paid

With the US economy producing record-breaking earnings and margins, Dr Ed and Elias wouldn’t be surprised to see employment pick up despite AI adoption and other factors holding it back. … They also expect consumer spending to remain resiliently robust even though income growth isn’t keeping up, which is depressing the saving rate. But not even a negative saving rate—which may occur—would tank consumer spending in today’

Ed Yardeni

Mr. Market Says The War Is Over

Apr 14, 2026 3 min read paid

The S&P 500 is now up 1.3% since Friday, February 27, the day before Gulf War III started (chart). So as far as the stock market is concerned, the war is over until further notice. The index will be at a new record high tomorrow if it increases by more than 11.22 points! It has been yet another V-shaped buy-the-dip recovery in the S&P

Ed Yardeni
Elias Griepentrog

ROARING 2020s: Wall Street's Analysts Even More Bullish On Earnings Than Us!

Apr 13, 2026 4 min read paid

The US economy remains resilient, and so do corporate earnings. The US economy has passed several stress tests in recent years. The war in the Middle East is proving to be the latest stress test for the US economy, which seems to be passing it, so far. The macroeconomic data released in recent weeks confirms this resilience. The pre-war growth trajectory was solid enough that we were on the verge

Ed Yardeni
Elias Griepentrog

MARKET CALL: Yogi Was Right: 'The War Ain't Over Till It's Over'

Apr 12, 2026 3 min read paid

In his seminal work, On War (1832), Carl von Clausewitz famously wrote: "War is the continuation of politics by other means." The US and Iran agreed to a ceasefire in their war and to talks seeking a diplomatic solution. However, their talks failed, and now they are both resuming the war. On Sunday, US Central Command said the Navy will blockade all maritime traffic entering and exiting Iranian

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: April 13-17

Apr 12, 2026 3 min read

The unresolved Middle East conflict will remain center stage this week. It is having an immediate impact on energy prices in the United States. The US blockade of the Strait of Hormuz will push prices up again at the start of the week. The impact on the US inflation pipeline remains the dominant macroeconomic theme, ahead of Tuesday's March PPI release. A relatively quiet week on the economic

Ed Yardeni
Toby Hearst

FINANCIALS: Private Credit Fears Creating Attractive Values

Apr 11, 2026 3 min read

The big money center banks will report their Q1 earnings this coming week. They are included in the S&P 500 Financials sector, which has been the worst-performing one in the S&P 500 this year to date, down 7.3% through April 10, compared with a broadly flat market over this period (chart). One of the major culprits is the gathering storm in private credit. It has

Ed Yardeni
Toby Hearst

How Transitory Is The Inflation Problem Ahead?

Apr 9, 2026 4 min read paid

This evening, Reuters reports that ship traffic through the Strait of Hormuz was well below 10% of normal volumes on Thursday, despite the US-Iran ceasefire. Tehran asserted its control by warning ships to remain within its territorial waters as they passed through the Strait to avoid mines. As we've noted previously, geopolitical crises tend to provide buying opportunities in the stock market. Sure enough: Following a 9.1%

Ed Yardeni
Elias Griepentrog

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