Stocks edged higher pre-mkt with tech rebounding ahead of today’s key earnings reports from $Alphabet - C(GOOG.US), $Microsoft(MSFT.US), $Amazon(AMZN.US), and $Meta Platforms(META.US). Oil surged to $115/bbl as the Strait of Hormuz remained closed, with no peace resolution in sight. The Fed will hold rates steady at the end of today’s two-day meeting and provide commentary in what will be Fed Chair Powell’s final press conference.
Q1 earnings season has so far been strong with 84% of companies reporting positive EPS surprises and blended +15% YoY earnings growth. 2026 S&P EPS estimates rose to $325 (+17% YoY), implying a forward P/E of 22x and 4.5% earnings yield, on line with historic spreads vs 10-yr treasury yields. We expect equities to extend their record highs once the Middle East conflict ends and energy prices retreat. We remain cautious on $Tesla(TSLA.US) due to valuation and intense unsupervised autonomous competition.The copyright of this article belongs to the original author/organization.
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