In this edition, Lori discusses the China trade war, the civil unrest in the US, and the outlook for S&P 500 earnings. The stock market has been more focused on the China trade war than the protests because the implications of the trade war are more clear. On Earnings, she highlights how the rate of upward revisions is starting to improve, helping stocks for now by feeding the “things are getting less bad” narrative. She also reiterates her view that there’s still risk lurking in 2021 estimates, which could be a problem for the market later this year.

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