S&P 500 had best week since early Nov 2023, +2.7% after 3 weeks of losses, as corporate earnings generally surprised to upside; Dividend Aristocrats was only S&P 500-related strategy to close week in red, -0.1%, while Tech took home trophy, +5.1% ⁦@SPDJIndices⁩ pic.twitter.com/rZBdI2x2Fp

From the Bloomberg article, “Fed Rate-Cut Debate Shifts From When Toward If on Inflation Data:” Fed Chair “Powell has kept the committee united in its rate path, with no dissents in nearly two years, but there are some signs of strains. Until recently, Powell had sounded dovish… pic.twitter.com/1wbDAzrrtx

This week’s #markets were supposed to be mainly about earnings, with macro taking more of a back seat ahead of next week’s US #jobs data, the #FederalReserve meeting, #China’s PMI, etc (more on this in the weekly look ahead that I will post later). Earnings did have a notable… pic.twitter.com/8lYAakVct5

S&P 500 earnings in '24 are expected to be up 10.3% and another 13.9% next year. Yes, forward estimates can change, but they can also change to the upside. We continue to think this is too low, as the recovery will continue to broaden out. pic.twitter.com/6Qo9SAI70u