Earnings Hold Up, Even as Markets Waver
Bearish narrative meets stubborn earnings reality
Yes, we know, the macro is ugly, positioning is defensive, and everyone is leaning bearish. But here’s the problem: earnings refuse to roll over. Revisions are above trend, guidance is strong, and EPS growth is accelerating. Analysts normally lag reality but recent market weakness has not yet translated into weaker earnings expectations. Historically, such divergences tend to resolve, but most often not in the way bears would like to see.