Earnings
Catch-Up
The earnings picture is unchanged: profits still have a strong macro support base, with consumption aided by fiscal deficits and market breadth improving alongside valuations that remain below late-1990s extremes. The counterpoint is that expectations may be pricing AI-driven productivity gains too quickly, while circular financing raises questions about the durability and quality of some reported results.
Chris Ciovacco 
Ed Yardeni 
Eric Basmajian 
Darius Dale 
Michael Kantrowitz A daily catch-up of talking heads, in fifteen minutes.
Analyst Views on Earnings
Earnings estimates for the rest of 2026 continue rising and are approaching a 40% annual rate of change, supporting market resilience.
Earnings are stronger than during the 1998–2000 period, while valuations are lower and current equity-market breadth is broadening rather than narrowing.
Earnings are expected to continue surprising to the upside, supported by an economy that remains resilient through the end of the decade.
Corporate profits retain an extremely strong support base while government deficits grow and borrowing continues funding transfer payments that flow into consumption.
S&P 500 earnings expectations requiring a 16% three-year CAGR toward $459 per share appear implausible outside a recession recovery, leaving consensus estimates vulnerable.
Earnings quality warrants closer scrutiny amid circular financing, with certain companies potentially receiving lower valuations as investors assess underlying results.
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Direction By Day
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| Chris Ciovacco | · | · | · | · | · | · | · | · | · | · | · | · | ▲ | ▲ |
| Darius Dale | · | · | · | · | · | · | · | · | · | · | · | ▼ | ▼ | ▼ |
| Ed Yardeni | · | · | · | · | · | · | · | · | · | · | · | ▲ | ▲ | ▲ |
| Eric Basmajian | · | · | · | · | · | · | · | · | · | · | · | · | ▲ | ▲ |
| Michael Kantrowitz | · | · | · | · | · | · | · | · | · | · | · | ▼ | ▼ | ▼ |
Sentiment Heatmap
| 01 AUG | 02 AUG | 03 AUG | 04 AUG | 05 AUG | 06 AUG | 07 AUG | 08 AUG | 09 AUG | 10 AUG | 11 AUG | 12 AUG | 13 AUG | 14 AUG | |
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| Chris Ciovacco | · | · | · | · | · | · | · | · | · | · | · | · | ▲ | ▲ |
| Darius Dale | · | · | · | · | · | · | · | · | · | · | · | ▼ | ▼ | ▼ |
| Ed Yardeni | · | · | · | · | · | · | · | · | · | · | · | ▲ | ▲ | ▲ |
| Eric Basmajian | · | · | · | · | · | · | · | · | · | · | · | · | ▲ | ▲ |
| Michael Kantrowitz | · | · | · | · | · | · | · | · | · | · | · | ▼ | ▼ | ▼ |