Wuthering Heights

(1) Emily Brontë and the S&P 500. (2) Anxiety fatigue. (3) High P/Es make stocks more vulnerable to downdrafts. (4) Forward revenues and earnings rose to record highs in early July. (5) Earnings growth recession now, but market looking ahead to recovery next year. (6) No change in our bullish S&P 500 targets. (7) FAANGMs account for 18% of S&P 500 market cap and are hard to beat. (8) Powell doubles down on Fed’s easing pirouette. (9) Movie review: “Maiden” (+ + +).