US Market Call

US MARKET CALL: Situational (Un)Awareness Hedge Fund Blows Up Without Blowing Up The Market

Aug 1, 2026 5 min read paid

So far, so good. We predicted a summer stall in the stock market, with bouts of volatility rather than a correction, and that is how June and July played out. The S&P 500 has gone nowhere since May 14, fluctuating around 7,500, while the market has churned underneath. The rotation of leadership among sectors that we expected has continued. Breadth has improved. Nothing in the past month

Ed Yardeni
Toby Hearst

US MARKET CALL: MTM & Chips' Profit Margin Distorting S&P 500 Earnings, But FEMO Lives On!

Jul 25, 2026 6 min read paid

I. Stocks Stop the music! S&P 500 earnings per share (EPS) have been significantly distorted by huge capital gains on investments by Alphabet and Amazon and a tax-related gain from Meta. Because GAAP accounting rules force companies to record unrealized equity gains and losses directly on the income statement, a small group of tech and venture-heavy mega-caps can create significant noise in the S&

Ed Yardeni
Joe Abbott
Toby Hearst

US MARKET CALL: Hanging Out At 7,500 And 4.50%

Jul 18, 2026 4 min read

The S&P 500 first hit 7,500 on May 14 and has remained stuck around that level. The index continues to cruise along its 50-day moving average. A 6.0% drop would send it back to its 200-day moving average (chart). We have seen this movie before, recently, during late 2024 into early 2025 and again during late 2025 into early 2026. Both saw similar bouts

Ed Yardeni
Toby Hearst

US MARKET CALL: Great Expectations

Jul 12, 2026 5 min read paid

The S&P 500 has been meandering around 7,500 since mid-May. Earnings should continue to drive the stock market higher. However, investors may be fretting that expectations for the upcoming earnings reporting season are so high that if they aren't exceeded, the market might swoon again in July as it did in June. If so, dip buyers are likely to limit the downside. We still

Ed Yardeni
Toby Hearst

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US MARKET CALL: Situational (Un)Awareness Hedge Fund Blows Up Without Blowing Up The Market

US MARKET CALL: MTM & Chips' Profit Margin Distorting S&P 500 Earnings, But FEMO Lives On!

US MARKET CALL: Hanging Out At 7,500 And 4.50%

US MARKET CALL: Great Expectations