A Little Less Conversation About Tariffs

The big things you need to know: First, it was another week of stabilization on the earnings stats we track, helping to support the recent stabilization in equity market pricing. Second, there was a little less conversation about tariffs in last week’s earnings calls, which left some additional room for discussions on the health of the consumer and the impacts of non-tariff policy changes. Third, in our other weekly updates, the thing that jumps out is that when we bake in current consensus assumptions on key macro variables and bottom-up EPS for 2025, the S&P 500 ended the week roughly in line with where our model says fair value for the index should be at year-end.