FactSet

The "Magnificent 7" companies are now reporting earnings growth of 61.0% for Q1, compared to expectations for earnings growth of 22.4% on March 31. #earnings, #earningsinsight, bit.ly/3P4CaWv

$SPX is now reporting its highest (quarterly) earnings growth rate for Q1 2026 (27.1%) since Q4 2021 (32.0%). #earnings, #earningsinsight, bit.ly/3P4CaWv

Are risk models that use a static emissions baseline mispricing climate risk on some holdings? FactSet partner firm Emmi answers that question in their latest analysis of current emissions and how firms are tracking toward (or away from) their stated targets. Read the full article: bit.ly/421UUc0

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The $SPX earnings growth rate for Q1 increased to 27.1% from 15.0% during the past week, mainly due to positive EPS surprises reported by $GOOG, $AMZN, and $META. #earnings, #earningsinsight, bit.ly/3P4CaWv

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The trailing 12-month P/E ratio for $SPX of 28.5 is above the 5-year average (24.6) and above the 10-year average (23.3). #earnings, #earningsinsight, bit.ly/4t7s5G8

Progressive and Allstate have high concentrations of auto insurance. Stewart Johnson at FactSet highlights how expenses coming down with AI and potential for loss costs to head lower given higher gas prices and less driving could benefit profitability and earnings. Read it here: bit.ly/4t5rIMt

Underwriting and claims analysis are two areas that insurance companies are using to advance their business priorities and widen competitive moats. Read more in this weekly insurance sector analysis: bit.ly/4d9uF9Q

The forward 12-month P/E ratio for $SPX is 20.9, which is above the 5-year average (19.9) and above the 10-year average (18.9). #earnings, #earningsinsight, bit.ly/4t7s5G8

In this article, FactSet partner firm Emmi quantifies the gap between target and actual emissions. Especially relevant for portfolios with material exposure to SBTi-committed companies. Read the full article: bit.ly/3P88LL1

All 11 $SPX sectors are reporting Y/Y revenue growth for Q1, led by the Information Technology sector at 29%. #earnings, #earningsinsight, bit.ly/4t7s5G8

7 of 11 $SPX sectors are reporting double-digit earnings growth for Q1, led by the Communication Services (53%) and Information Technology (50%) sectors. #earnings, #earningsinsight, bit.ly/4t7s5G8

81% of $SPX companies have beaten revenue estimates to date for Q1, which is the highest percentage since Q2 2021 (87%). #earnings, #earningsinsight, bit.ly/4t7s5G8

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84% of $SPX companies have beaten EPS estimates to date for Q1, which is the highest percentage since Q2 2021 (87%). #earnings, #earningsinsight, bit.ly/4t7s5G8

The Q1 earnings growth rate for the S&P 500 increased to 27.1% during the past week, led by strong results from 3 of the "Mag 7" companies. Read John Butters' latest earnings insight: bit.ly/425Ai2L

Taken together, expense ratio and loss ratio improvement would result in a lower combined ratio, says @FactSet’s Stewart Johnson in his latest insurance sector analysis. This week, he highlights Progressive and Allstate given both firms have high concentrations of auto insurance. Stewart highlights expenses coming down from the use of AI along with the potential for loss costs to head lower given higher gas prices and less driving. Learn about the implications for profitability and earnings in the full article: bit.ly/4cYaQRv

StreetAccount Summary - US Monthly Recap (April 2026): Dow +7.14%, S&P 500 +10.42%, Nasdaq +15.29%, Russell 2000 +12.16% Summary: • US equities were sharply higher in April. The S&P 500 posted its best month since Nov-20, ending the month at a fresh record high. Nasdaq had its best month since Apr-20, also ending at a record. The small-cap Russell 2000 posted its best month since Nov-24. • The Mag 7 shares were all higher with GOOGL +33.9% and AMZN +27.3% the big outperformers. Semis and memory were also standouts, while software (IGV +4.8%) was modestly higher after three-straight monthly declines. Retail investor favorites, high beta, momentum, most-shorted, and profitless tech also saw solid gains for the month. Other outperformers included Medicaid MCOs, Internets, networking/IT equipment, E&Cs, machinery, trucking, PE, investment banks, and steel. • Underperformers included athletic apparel, staples retailers, telecom, oil majors, hospitals, precious metals miners, A&D, copper and aluminum, and ag chemicals. • Treasuries were weaker, with yields up 8-10 bp across the curve. Gold was down 1.1%. Silver was down 1.2%. Bitcoin futures were up 12.3%. WTI crude was up 3.6%, its fourth-straight monthly gain. What happened?: • The war with Iran continued to offer a lot of headline noise, but ultimately remains far from a resolution after the first round of talks in Islamabad failed and the US and Iran failed to agree to a second round of talks. The month started with offramp optimism after Trump signaled a willingness to wind down the military campaign, though mid-month the US announced its own blockade of the Strait of Hormuz to get Iran back to the negotiating table. However, negotiations ultimately stalled, Trump rejected Tehran's latest offer while reports said the US may be considering more strikes to break the stalemate. • Despite the lack of progress toward de-escalation, stocks posted a sharp rally this month. A big tailwind earlier this month was tabbed to systematic/CTAs. • While equities mostly ignored the war and geopolitics, Treasuries and the oil market were more reflective of growing risks. The 2Y yield started the month around 4%, then rallied mid-month on Iran de-escalation optimism before pushing back up to just under 4% near month-end as inflation, oil prices, and some hawkish Fed takeaways pushed yields higher. The 30Y long bond also briefly touched the 5.03% level, the highest since late-2023. • Oil fell mid-month on easing of Iran tensions, though WTI crude jumped back above the $105 level and Brent hit $114 in late April, both nearing the highs at the beginning of the crisis. A JPMorgan note on global oil market risks received attention this month, adding to growing fears around oil market disruptions as additional demand destruction driven by higher prices may be needed to rebalance global markets (CNBC). Crude priced for December delivery later this year also pushed higher throughout the month, reflecting the risk of elongated disruptions, with Brent above $85, the highest since the start of the conflict. This month also saw UAE's withdrawal from OPEC/OPEC+, though global prices didn't do much to reflect the potential of a price war (Bloomberg). • Tech and AI-linked stocks led the market higher this month as AI optimism narrative returned. Semis posted a record 18-day streak of gains this month, helping propel the SOX to its second-best monthly performance on record (Feb-2000). This month saw a number of deals and partnerships in the space adding to the optimism, including Amazon announcing a $25B investment in Anthropic, AVGO +34.9% announcing a long-term deal to develop TPUs for Google and expanding its partnership with META +6.8%. Google and INTC +114.1% also expanded their chip partnership, while ORCL +9.7% announced a partnership with AWS and power deal with BE +109.1%. • However, the AI ecosystem hit a bump late in the month after a report that OpenAI has missed several key growth metrics (Bloomberg). OpenAI fell short of internal targets for weekly users and revenue, sparking concerns from company leaders about the ability to support outsized data-center spending. Microsoft also announced it is shifting its OpenAI partnership, stating it will no longer pay a revenue share after 2030 and that the license will no longer be exclusive. • Economic data this month also reflected the resilient macro backdrop. March nonfarm payrolls of 60K marked a rebound from February's 92K decline, while initial jobless claims fell to 189K, the lowest level since 1969. March retail sales beat, March ISM manufacturing expanded for a third-straight month, and Consumer Confidence hit the highest level since December. However, March ISM Services showed lower employment and higher prices, while the prices component of March ISM manufacturing jumped to the highest since mid-2022. Housing market data also disappointed, including March existing home sales contracting 3.6% m/m and NAHB builder confidence falling to a six-month low. • Given the inflation risks and economic resilience narrative, the market is now pricing in 0 bp of Fed rate cuts through year-end, though down from ~ 8 bp of hikes at the end of March. Fed Chair nominee Kevin Warsh was approved by the Senate Banking Committee, and is now expected to be approved in a full Senate vote ahead of Chair Powell's term ends 15-May. The approval came after GOP Sen. Tillis dropped his blockade of the nomination following the DoJ dropping its criminal investigation into Chair Powell. • However, Powell confirmed in the April FOMC meeting press conference that he would stay on as a Governor for a period of time after his term ends. The decision earned a rebuke from Trump and Treasury Secretary Bessent, but Street economists downplayed any potential tensions, arguing Powell is likely to keep a low profile and support Warsh as much as he can. The April FOMC meeting also ended with four dissents (the most since 1992), though three were not supportive of the easing bias in the policy statement. Corporate news: • Q1 earnings season kicked off this month. Analysts have highlighted a strong earnings beat rate and upward revisions. • The Mag 7 results were supportive of the AI optimism narrative given around insatiable compute demand and elevated capex, while the hyperscalers increased 2026 capex forecasts by $100B to more than $700B (Sherwood News). However, there were still some concerns around ROI/monetization and sustainability. Google saw standout Google Cloud growth, and Amazon posted a fifth-straight quarter of AWS acceleration. MSFT +10.2% Azure growth was better, though there were some concerns around the uptick in capex guidance, while Meta was hit by disappointing revenue guidance combined with a higher capex outlook. • Banks results offered some mixed takeaways, with JPM +6.5% trimming its FY NII guidance and WFC +3.3% struggling with softness in both fees and NII. However, MS +15.8% posted standout FICC results, compared to disappointing results from its peers. The banks also played down private credit risks (Axios). • Other thematic takeaways from the first half of earnings season included strong AI compute and infrastructure demand, resilient US consumer spend, an ongoing industrial cyclical recovery, some flow-through of war-related energy and input cost pressures, supply chain disruptions, and impact from persistent elevated rates. S&P 500 Sector Performance: • Outperformers: Communication Services +18.43%, Tech +17.44%, Consumer Disc. +11.72% • Underperformers: Energy (3.51%), Healthcare (0.58%), Utilities +2.05%, Materials +2.64%, Consumer Spls. +2.95%, Financials +5.43%, Industrials +7.90%, Real Estate +8.61% $GOOGL $AMZN $MSFT $META $JPM $WFC $MS $AVGO $INTC $ORCL $SMCI #MarketUpdat #Earnings #SP500 #Stocks #MarketRecap #Ai #AiCapex #Mag7 #Fed #Inflation #Macro #ISM #Trump #StraitOfHormuz #Powell #Warsh #Banks #Consumer #Energy #Healthcare #Tech Gain immediate access to unparalleled insights with #StreetAccount: bit.ly/3xqrpo7

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