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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