A Fundamental Firm Foundation
Mike Dickson, Ph.D.
August 12, 2026
Earnings continue to set records With nearly 90% of S&P 500 Index companies having reported
Topics
Earnings continue to set records With nearly 90% of S&P 500 Index companies having reported
What Happened Last Week Tech Leadership: Technology stocks powered the indices higher, but the rally
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What Happened Last Week Tech Volatility: The violent swings in tech and semiconductor stocks were
What Happened Last Week Tech Stocks Fell: Unease over higher CapEx guidance from Alphabet and
What Happened Last Week AI-Led Selloff: The Nasdaq-100 Index fell more than 4% and dragged
Soaring earnings estimates are pushing P/E ratios lower As we move into the second half
What Happened Last Week Semis-Induced Volatility: Equity markets rose on the week, but semiconductor-related news
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What Happened Last Week The Warsh Era Begins: Fed Chair Warsh led his first meeting
What Happened Last Week Hotter Inflation: Last week’s inflation reports reflected higher energy prices, but
Businesses are pumping out profits Corporate earnings season is in full swing. Last week alone,
What Happened Last Week Earnings Drive Gains: A strong slate of earnings pushed the S&P
What Happened Last Week Tech-Fueled Rally: Tech stocks drove the S&P 500 to another week
What Happened Last Week Tech-Fueled Rally: U.S. markets posted their best week of the year
What Happened Last Week Ceasefire Optimism: The announcement of U.S. – Iran peace talks in
What Happened Last Week Strikes on Iran: Over the weekend, a U.S.-Israeli coalition began heavy
What Happened Last Week Tariff Uncertainty Returns: After the Supreme Court struck down the administration’s
What Happened Last Week SaaS-Pocalypse Now (Redux): AI disruption fears again led investors to sell
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What Happened Last Week Poor Sentiment: Volatility in crypto, stocks, and metals dampened investors’ risk
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What Happened Last Week Warsh Nominated: President Trump selected Kevin Warsh as the next Fed
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What Happened Last Week Breadth Expands: Cyclical and smaller-cap parts of the market continue to
Sales—a fundamental driver of corporate strength—are on the rise Stocks’ (mostly) steady march higher since
What Happened Last Week Sputtering Rally: Last week, investors reversed the recent strength in tech
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What Happened Last Week Earnings Strength: Strong tech earnings powered the S&P 500 and NASDAQ
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Strong fundamentals—not investors’ exuberance—are supporting this market The stock market’s recent string of new highs
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What Happened Last Week Nvidia Earnings: Nvidia reported strong earnings, but its forward guidance fell
Investors are cheering second-quarter results Corporate profits continue to impress and reassure investors. Now that
What Happened Last Week Federal Appointments: President Trump named Stephen Miran to be a temporary
Watch Now
Momentum may be tested this week After bottoming out in early April in response to
Earnings have been much better than expected thus far among the market’s small companies. Large-company
What Happened Last Week DeepSeek Dip: Tech stocks plunged due to fears of overinvestment in
What Happened Last Week Dollar Decline: The dollar had its worst week in a year
What Happened Last Week Lower Rates: Downside inflation surprises in the U.S. and U.K. and
What Happened Last Week Global Selloff: Stocks fell as rising yields and rate uncertainty pressured
Head of Research and Quantitative Strategies Mike Dickson joined Schwab Network to highlight the U.S.’s
“We’re looking under the hood of the micro,” says Horizon Investments’ Zach Hill. He looks
Best week of 2024 for the S&P 500 After a brief summer slump and a
U.S. company profits continue to impress. Earnings season is in the home stretch, with more
Is the seventh month of the year a stock investor’s best friend? While scorching temperatures
With GDP and inflation slowing, keep in mind our strong starting place. Chief Investment Officer
https://www.youtube.com/watch?v=K_2CoH-Ju1o&t=8234s%20 Chief Investment Officer Scott Ladner joins Bloomberg to discuss large vs small business confidence.
Is the Fed out of play as a market catalyst at this point? Chief Investment
What happened last week Earnings: Strong earnings from AI-exposed mega-cap technology supported a modest rally
What happened last week Stocks rose for the first time in four weeks on the
Chief Investment Officer Scott Ladner joins Mornings With Maria on Fox Business to analyze this
We expect market broadening within the S&P rather than small or mid-caps. Chief Investment Officer
Zach reviews the 4Q23 earnings season, what Horizon anticipates from the Fed and interest rates
Earnings momentum, disinflation, and a global easing cycle… is the US an attractive place to
Categories
Topics
Earnings continue to set records With nearly 90% of S&P 500 Index companies having reported their second-quarter earnings, the bottom line has surprised by over
What Happened Last Week Tech Leadership: Technology stocks powered the indices higher, but the rally was broad-based, with equal-weight large caps and international stocks reaching
What Happened Last Week Tech Volatility: The violent swings in tech and semiconductor stocks were related to the partial liquidation of an AI-focused hedge fund.
What Happened Last Week Tech Stocks Fell: Unease over higher CapEx guidance from Alphabet and tensions in the Middle East weighed on tech stocks. Underlying
What Happened Last Week AI-Led Selloff: The Nasdaq-100 Index fell more than 4% and dragged global stocks down with it. Resilience Beneath the Surface: Small-caps
Soaring earnings estimates are pushing P/E ratios lower As we move into the second half of 2026, U.S. large-cap stocks may be on pace to
What Happened Last Week Semis-Induced Volatility: Equity markets rose on the week, but semiconductor-related news flow led to choppy sessions and rotation. Mid-East Tensions Rose:
Watch Now
What Happened Last Week The Warsh Era Begins: Fed Chair Warsh led his first meeting at the helm and delivered a brief, hawkish message. Memo
What Happened Last Week Hotter Inflation: Last week’s inflation reports reflected higher energy prices, but were partially driven by lingering effects of the government shutdown.
Businesses are pumping out profits Corporate earnings season is in full swing. Last week alone, 44%* of the companies in the S&P 500 index reported
What Happened Last Week Earnings Drive Gains: A strong slate of earnings pushed the S&P 500 to new all-time highs, with leadership increasingly concentrated in
What Happened Last Week Tech-Fueled Rally: Tech stocks drove the S&P 500 to another week of all-time highs, while most other sectors lagged. Warsh Moves
What Happened Last Week Tech-Fueled Rally: U.S. markets posted their best week of the year amid a sharp snapback in tech and mega-caps. Strait Confusion:
What Happened Last Week Ceasefire Optimism: The announcement of U.S. – Iran peace talks in Pakistan helped U.S. stocks to their best week of the
What Happened Last Week Strikes on Iran: Over the weekend, a U.S.-Israeli coalition began heavy strikes against Iran, killing Ayatollah Khamenei and much of the
What Happened Last Week Tariff Uncertainty Returns: After the Supreme Court struck down the administration’s justification for tariffs, President Trump reinstated the duties, citing a
What Happened Last Week SaaS-Pocalypse Now (Redux): AI disruption fears again led investors to sell first and ask questions later in software and other parts
Watch Now
What Happened Last Week Poor Sentiment: Volatility in crypto, stocks, and metals dampened investors’ risk appetite early last week. Legacy Software Concerns: The release of
What Happened Last Week Warsh Nominated: President Trump selected Kevin Warsh as the next Fed Chair nominee. Precious Metal Selloff: The Warsh nomination saw a
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What Happened Last Week Breadth Expands: Cyclical and smaller-cap parts of the market continue to lead the major indices. Sell the News: Despite strong earnings,
Sales—a fundamental driver of corporate strength—are on the rise Stocks’ (mostly) steady march higher since April has some investors concerned about an overextended market. However,
What Happened Last Week Sputtering Rally: Last week, investors reversed the recent strength in tech shares, turning against the stocks that had been leading gains.
What Happened Last Week Earnings Strength: Strong tech earnings powered the S&P 500 and NASDAQ 100 to new all-time highs. Hawkish Fed: The Fed cut
Watch Now
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Strong fundamentals—not investors’ exuberance—are supporting this market The stock market’s recent string of new highs has investors wondering what comes next. No one knows with
What Happened Last Week Nvidia Earnings: Nvidia reported strong earnings, but its forward guidance fell short of expectations, signaling slower growth ahead. Equity Rotation: Investors
Investors are cheering second-quarter results Corporate profits continue to impress and reassure investors. Now that over 90% of S&P 500 companies have reported their second-quarter
What Happened Last Week Federal Appointments: President Trump named Stephen Miran to be a temporary Fed Governor. Earnings Reports: Corporate earnings continue to surpass investor
Momentum may be tested this week After bottoming out in early April in response to Trump’s first tariff announcement, the S&P 500 has rebounded —
Earnings have been much better than expected thus far among the market’s small companies. Large-company stocks have outpaced their small-cap peers since the start of
What Happened Last Week DeepSeek Dip: Tech stocks plunged due to fears of overinvestment in AI infrastructure following DeepSeek’s model release. Trump Tariffs: Tariff threats
What Happened Last Week Dollar Decline: The dollar had its worst week in a year as no “day one” tariffs from the Trump administration lifted
What Happened Last Week Lower Rates: Downside inflation surprises in the U.S. and U.K. and dovish Fed comments fueled a move lower in Treasury yields.
What Happened Last Week Global Selloff: Stocks fell as rising yields and rate uncertainty pressured equities. Economic Strength: Strong jobs data showed resilience, but “good
Head of Research and Quantitative Strategies Mike Dickson joined Schwab Network to highlight the U.S.’s strong economic growth, with the Atlanta Fed’s GDP forecast at
“We’re looking under the hood of the micro,” says Horizon Investments’ Zach Hill. He looks at how earnings season is proving to show continued resilience
Best week of 2024 for the S&P 500 After a brief summer slump and a short-lived overreaction, stocks enjoyed their best week since November, up
U.S. company profits continue to impress. Earnings season is in the home stretch, with more than 90% of the companies in the S&P 500 index
Is the seventh month of the year a stock investor’s best friend? While scorching temperatures continue to sweep across much of the country, equity investors
With GDP and inflation slowing, keep in mind our strong starting place. Chief Investment Officer Scott Ladner joins Fox Business Mornings With Maria to discuss
https://www.youtube.com/watch?v=K_2CoH-Ju1o&t=8234s%20 Chief Investment Officer Scott Ladner joins Bloomberg to discuss large vs small business confidence. Watch Video
Is the Fed out of play as a market catalyst at this point? Chief Investment Officer Scott Ladner joins Yahoo! Finance on Market Domination to
What happened last week Earnings: Strong earnings from AI-exposed mega-cap technology supported a modest rally in US equities. Jobs report: The labor market remains strong
What happened last week Stocks rose for the first time in four weeks on the back of strong earnings. Economic data was weak, with GDP
Chief Investment Officer Scott Ladner joins Mornings With Maria on Fox Business to analyze this week’s earnings, recession probability, and Fed decision impacts on inflation.
We expect market broadening within the S&P rather than small or mid-caps. Chief Investment Officer Scott Ladner joins CNBC to discuss what’s ahead for the
Zach reviews the 4Q23 earnings season, what Horizon anticipates from the Fed and interest rates this year, and how these top-of-mind components translate into portfolio
Earnings momentum, disinflation, and a global easing cycle… is the US an attractive place to invest? Chief Investment Officer