S&P 500 Earnings

Rotation Or Correction Ahead In Response To Earnings Season?

Jul 6, 2026 4 min read paid

The Q2-2026 earnings reporting season begins next week. The major banks will report at the end of next week. We expect they will beat expectations by reducing their bad-loan provisions. In addition, loan demand has been growing faster in recent weeks, and the IPO calendar has been busy. The big risk up ahead is that technology companies, especially the hyperscalers, won't beat analysts' overly optimistic

Ed Yardeni

US MARKET CALL: AI Fatigue Weighs On The 'Lag-7'

Jun 27, 2026 4 min read

As we predicted, the S&P 500 had a June Swoon. We expected that it would be more of a broadening rotation than a widespread correction. That's the way it played out. The S&P 500 market-weighted stock price index peaked at a record high of 7,609.78 on June 2 (chart). It fell 3.4% through Friday's close. Over that same

Ed Yardeni
Toby Hearst

Earnings-Led Meltup

May 6, 2026 4 min read paid

We have nothing to fear but nothing to fear. Stock investors have been fearless since the S&P 500 fell to the year's low on March 30, when war-related fears peaked. The index has soared 16.1% since then to a new record high. Yesterday, we explained our Buzz Lightyear Theory (BLT) of the stock market. Investors have concluded that, thanks to AI, demand for "

Ed Yardeni
Elias Griepentrog

MARKET CALL: Up, Up & Away

May 3, 2026 5 min read

The stock market balloon is climbing higher, and the burners are firing. It isn't all hot air that is lifting stock prices. It's also earnings revisions, which are increasing for 2026 and 2027. Growth stocks and the Magnificent-7 have reasserted leadership over the past month. Small caps and the Russell 2000 are at fresh record highs too. Investor sentiment remains surprisingly lackluster, leaving plenty of

Ed Yardeni
Toby Hearst

MARKET CALL: Devil-May-Care

Apr 26, 2026 4 min read paid

In the autumn of 1956, Egypt's Gamal Abdel Nasser nationalized the Suez Canal. Britain, France, and Israel invaded. The canal closed for five months. Two-thirds of Western Europe's oil moved through it, and the price of crude doubled in dollar terms before the year was out. The Dow Jones Industrial Average fell about 10% from its July high to its October low. Tankers were forced

Ed Yardeni
Toby Hearst

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

Ed Yardeni
Elias Griepentrog

MARKET CALL: The War Is Getting Foggier

Mar 14, 2026 3 min read

Why has the stock market held up so well since the start of the war? The S&P 500 is down only 4.96% from its record high on January 27 and 3.59% since the start of the war on February 28 (chart). It fell to its 200-day moving average on Friday and held it. The obvious explanation is that the market is discounting a short war.

Ed Yardeni

MARKET CALL: Record High For S&P 500 Equal-Weight Stock Price Index

Feb 28, 2026 5 min read

We started writing our Market Call on Friday. Saturday morning, we woke up to the news of the joint military campaign by the US and Israel against Iran's evil Mullah regime. It appears that the two allies have complete air superiority. In a video statement posted to social media, US President Donald Trump vowed to destroy Iran's missile program and navy, and ensure that the country

Ed Yardeni

MARKET CALL: A Loopy Stock Market

Feb 22, 2026 4 min read paid

The equal-weight S&P 500 has been rising to record highs since the beginning of the year, while the market-weight S&P 500 has been literally loopy just below 7000 over the same period (chart). This has been mostly attributable to the stock market's rotation in the type of outperforming stocks, from high-tech to low-tech industries. Previously, the former were supercharged by

Ed Yardeni

MARKET CALL: AI Is Speed Skating On Ice

Feb 15, 2026 4 min read paid

Technological innovations tend to be disruptive and dynamic. That's especially true with AI, which has the potential to disrupt itself, as evidenced by its ability to write software code, including AI code. So it can feed on itself, with the new code eating the old, making it obsolete very quickly. The pace of obsolescence seems to be moving at warp speed for both AI hardware and software, particularly

Ed Yardeni

MARKET CALL: Dow At 70,000 By 2029

Feb 7, 2026 4 min read

"Through the roof." That's how Nvidia's CEO Jensen Huang described AI infrastructure spending in his excellent interview with Scott Wapner on CNBC this past Friday, February 6. Huang described the current landscape as a "once-in-a-generation infrastructure buildout," specifically highlighting that demand for Nvidia's Blackwell chips and the upcoming Vera Rubin platform is "sky-high." He

Ed Yardeni

Economy & Earnings Are Heating Up

Feb 2, 2026 4 min read paid

There's never a dull moment in our business these days. Events impacting the financial markets are happening so fast that we probably need to stop every now and then to update you on our latest forecasts. We are still targeting the S&P 500 at 7,700 by the end of this year and 10,000 by the end of the decade. The 10-year Treasury bond

Ed Yardeni

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