Mixed EPS Stats, Cautiously Optimistic Commentary

The big things you need to know:

• The big things you need to know: First, the early stats from 2Q26 reporting season look a little mixed as reporting season kicks into high gear.
• Second, early earnings commentary from the companies that reported over the past week highlights a cautiously optimistic tone, consumer resiliency, and complicated AI impacts.
• Third, other things that jumped out in our latest updates include further evidence of stabilizing sentiment on the NFIB and University of Michigan consumer sentiment surveys (which have encouraged the rotation trade) and evidence of weaker flows to US equities (which point to the possibility of some geographical pressure on the US equity market).