The S&P 500 closed at a fresh all-time high Friday, capping a week in which the market did something remarkable: it largely stopped caring about Iran.
With 140-plus S&P 500 members now having reported, 84% have beaten EPS estimates, and 81% have beaten revenue estimates, both above the 1-, 5-, and 10-year averages.
After ISM Manufacturing flirted with the 50 threshold for months, a services downturn would signal that the slowdown is broadening beyond factories into the consumer economy.
An index priced for 18% earnings growth, against a Fed reaction function nobody has calibrated yet, is a setup for disappointment from both directions.
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Market Brief – Mag Earnings Accelerate Rally
The S&P 500 (SP500) closed at a fresh all-time high Friday, capping a week in which the market did something remarkable: it largely stopped caring about Iran.
