The Q3 earnings reporting season is underway and going well with Microsoft delivering a big upside earnings surprise after today's close. We still expect that S&P 500 earnings per share rose to a record high during the quarter. That's confirmed by S&P 500 forward earnings (chart).
Inflation continues to moderate as confirmed by today's Richmond Fed regional business survey's October low readings for the prices-paid and prices-received indexes (chart).
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