On May 16, the S&P 500 reached all-time highs driven by CY26 EPS growth estimates and Fed balance sheet liquidity. However, hot CPI/PPI prints and rising energy prices triggered a sharp increase in long-term bond yields.
The conclusion of the earnings season leaves the US market without its primary growth catalysts, increasing vulnerability to macro data and technical volatility.
Read the full storyNew Fed Chair Kevin Warsh faces the highest internal dissent since 1992, as four policymakers challenge his push for deep rate cuts amid sticky inflation data.
The index reached all-time highs fueled by 2026 EPS growth estimates and Fed liquidity, even as hot CPI and PPI data pushed bond yields higher.