Thoughts on Earnings, Small Caps, and the Shutdown

The big things you need to know:

• First, earnings sentiment staged a partial comeback last week as the rate of upward EPS estimate revisions for the S&P 500 moved up again slightly vs. the prior week but remained below its August high.
• Second, we run through the latest big picture takeaways from S&P 500 earnings calls.
• Third, other things on our mind include our work the valuation profile of high earnings quality stocks within Small Cap and how we’re thinking about the government shutdown.