Defiant Stock Bulls Are Acting Like the Earnings Recession Is a Hoax
- Big tech’s long-term profit trend seen intact after 2022 slump
- Nasdaq runs toward prior peak vs S&P 500 amid relentless rally
This article is for subscribers only.
Another week, another 600 points in the Nasdaq 100. How does this keep happening? It may be that despite the Federal Reserve’s best efforts to drain the economy of vigor, nothing terrible has actually happened to the corporate earnings engine.
Among bear cases keeping the equity set up at night, the one that says they’re doomed because of lousy earnings is among the most seductive. But it’s also a view subject to dissent, due to the impact of Covid on recent economic history.