Week of May 4, 2026
Major U.S. equity indexes pushed to new highs last week, supported by broadly strong corporate earnings that again exceeded expectations. While results confirmed underlying economic resilience, forward guidance struck a more cautious tone as management teams pointed to uncertainty surrounding the Iran conflict and its potential impact on energy prices and global stability. But, markets are looking through near-term geopolitical risk—earnings growth remains the dominant driver – and over the long term, fundamentals continue to win. Next up – new Fed Chair Kevin Warsh. Our Signals remain unchanged.
Bob Bilkie, CFA
