Summary

• The S&P 500 churned between roughly 7,080 and 7,140 for most of the week.
• With 86 S&P 500 companies reporting, Q1 earnings are running 26.1% above year-ago levels, with revenue growth of 10.3%.
• According to the latest Treasury International Capital data, foreigners purchased a net $101 billion of long-term U.S. securities in February, following November’s blockbuster $222 billion print.
• Central banks can diversify into gold, euros, and yuan without meaningfully changing day-to-day dollar demand.
• With the market now rebalanced, we should see markets return to a more normal trading environment.

Market Brief – Market Consolidates Recent Gains

Last week, we noted that after the sharpest rally since May 2025, a correction was likely. Notably, those corrections come in two forms: a price pullback or a sideways consolidation. We got