Peak Earnings

As noted in our earnings preview earlier this month, with 61 S&P 500 companies scheduled to report earnings, today marks the peak day for earnings among large-cap companies. With the S&P 500 up over 2.5% heading into today, so far investors apparently like what they hear.

Mario Draghi’s last ECB meeting is a dovish one, with European assets ripping in response to a new look at QE as well as the possibility of tiered deposits at the central bank. US equity index futures were pointing to a decline but now suggest a gain at the open as European credit markets rally. Earnings data last night was mixed but has seen generally strong this morning. Yields are down, the dollar is up, and markets are at or near session highs.