Valuation

Earnings-Led Meltup?

Sep 8, 2025 3 min read paid

Ed Yardeni

Is the Bull Market In Stocks Finally Broadening?

Aug 25, 2025 3 min read

The Magnificent-7 stocks have been leading the charge of the current bull market that started on October 12, 2022. They are all in the Nasdaq 100, which is up 117.9% so far since the start of the bull market, beating all the other major US stock market indexes (chart). The Mag-7's market capitalization share of the S&P 500 has doubled during the current bull market

Ed Yardeni

What's In Style?

Aug 13, 2025 2 min read

Are SMidCaps coming back into fashion? They had a good day today. They outperformed the LargeCaps. The S&P 500 LargeCaps was up 0.3%, while the S&P 400 MidCaps and the S&P 600 SmallCaps rose 1.6% and 2.0% (chart). The Russell 2000 SmallCaps rose 2.0% as well. That led lots of market commentators to declare after the close that the SMidCaps

Ed Yardeni

MARKET CALL: Is The Sky The Limit?

Aug 10, 2025 3 min read paid

The S&P 500 nearly matched its July 28 record high on Friday. The Nasdaq did rise to a record high. Once again, the Magnificent-7 stocks collectively are leading the pack. That's because these remarkable companies continue to deliver magnificent earnings, which are increasingly being driven higher by the demand for cloud computing as AI increasingly powers the Digital Revolution. The sky seems to be the limit

Ed Yardeni

The Roaring 2020s: Six Years of Resilience, So Far

Jul 10, 2025 3 min read paid

The economy won't let us down. Despite numerous crises, real GDP has remained recession-resistant since the Covid lockdown during the first half of 2020. That's almost six recession-free years notwithstanding the pandemic, the Russian invasion of Ukraine, the tightening of monetary policy, the war in the Middle East, and Trump's Tariff Turmoil. Despite the five crises, it really has been the Roaring 2020s so

Ed Yardeni

MARKET CALL: New Highs Suggest Stock Market May Be Back In Meltup Mode

Jun 29, 2025 3 min read paid

The S&P 500 rose to a new record high on Friday, slightly exceeding its previous peak on February 19 by 0.5%. The bull market that started on October 12, 2022 is alive and well following the 18.9% correction from February 19 through April 8. During that period, the stock market sold off on Trump's Tariff Turmoil (TTT) as well as concerns that China'

Ed Yardeni

MARKET CALL: S&P 500 Earnings & Valuation

May 31, 2025 4 min read paid

We now have LSEG’s I/B/E/S data for S&P 500 companies’ revenues per share and earnings per share during Q1. Both edged down on a q/q basis but showed solid gains on a y/y basis (chart). The profit margin edged up to 13.3%. Notwithstanding Trump's Tariff Turmoil (TTT), the economy remains resilient, supporting an upbeat outlook for revenues. Earnings should

Ed Yardeni

MARKET CALL: Valuation Mojo Driving Stocks' Big Mo Rally

May 18, 2025 2 min read paid

The meltup scenario is making a dramatic comeback. It was one of our three scenarios until March 24 when we wrote the following in our Morning Briefing: "We've decided to fold our 1990s meltup/meltdown scenario into our Roaring 2020s scenario. The current correction in the stock market suggests that the former has played out already, as the bull market's highflyers have been hit hardest

Ed Yardeni

MARKET CALL: The Best Trump Trade

Mar 16, 2025 3 min read paid

So far among the best Trump trades has been to short the S&P 500 since February 19 through last Thursday (chart). It fell 10.1% over this period. Let's call it the "Trump Thump." We aren't convinced that the correction is over despite Friday's rally and extremely bearish sentiment readings, which tend to be bullish from a contrarian perspective. In

Ed Yardeni

The Trump Put Is Kaput!

Mar 12, 2025 3 min read

Vertigo is a sensation of spinning or whirling such that the person or their surroundings appear to be moving. The stock market didn't do much today, but everything else seemed to be spinning. The epicenter of all this vertigo continues to be the White House. More and more economists are increasing their odds of a recession. We raised ours to 35% a week ago. JP Morgan's

Ed Yardeni

Ahead of the Earnings Pack

Dec 27, 2024 3 min read paid

We've been bullish on the stock market since October 2022. We remain bullish, targeting 7000 on the S&P 500 by the end of next year. That puts us near the head of the pack (chart). Here's more on earnings and valuation: (1) Our forecast for revenues, earnings & margins. We are the head of the pack on the outlook for S&P 500

Ed Yardeni

Small, Medium, and Large Cap Stocks

Nov 18, 2024 2 min read paid

The rally in the S&P 1500 has certainly broadened in recent weeks as the Fed started to cut the federal funds rate (FFR) by 50bps on September 18 and again on November 7 by 25bps. The S&P 400 MidCaps and S&P 600 SmallCaps have been rising in record high territory in recent weeks along with the S&P 500 which has been rising

Ed Yardeni

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