BREAKING: U.S. Banks are currently facing $482 Billion in unrealized losses, an increase of 33% from the prior quarter.
Source: Barchart, BofA
BofA:
Analysts may be trimming not slashing: 2025 bottom-up consensus EPS of $266 has been cut by ~1.5%, near the long-term average, in April and still implies 10% YoY growth. Source: Mike Zaccardi, CFA, CMT, MBA
🔴 A HUGE WEEK AHEAD FOR EARNINGS
👉 Monday: $WM $DPZ 👉Tuesday: $KO $V $SBUX $SNAP $SOFI $SPOT $PFE $UPS $MO $GM $HON 👉Wednesday: $MSFT $META $HOOD $QCOM $CAT $ETSY 👉 Thursday: $AAPL $AMZN $LLY $MA $ABNB $MSTR $RBLX $MRNA $RDDT $XYZ 👉 Friday: $XOM $CVX (Source for the Earnings Calendar - @EarningsHubHQ) thru Evan on X
⚠️MASSIVE amount of US household wealth has been lost:
US household equity wealth has likely dropped by $ TRILLION year-to-date, the most in 3 YEARS. This may lead to further pullback in consumer spending as the top 10% account for 50% of total consumer expenditures. Source: BofA
The S&P 500 is almost back to where it was on Liberation Day
Source: Barchart
Gold prices have OUTPERFORMED the S&P 500 by 33% so far this year, the most since at least 50 YEARS.
Since the start of 2023, gold has rallied 82% while the S&P 500 44%, despite 2023 and 2024 being the best years for stocks since the Dot-Com BUBBLE. Source: Global Markets Investor
SP500 revenue from China are roughly six times US exports to China
From Torsten Slok, Apollo
Worst net US earnings revisions since 2020!
Source: Win Smart, CFA @WinfieldSmart
