See today’s pre-mkt summary for Subscribers, where I have correctly predicted that equity markets would surge to new records on the back of strong AI earnings despite continued fighting in the Middle East. I expect S&P 500 earnings to rise +19% YoY to $330, representing a 2026 P/E of 22.4x, which implies a 2026 earnings yield of 4.5%, a slight premium to 10-year treasury yields, in line with historic spreads vs treasuries over the past 60 years.
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