Earnings season is a critical time for businesses and investors, helping gauge the health of individual companies as well as the broader economy. Although we're already in week 3 of Q4 2024 earnings season, the spotlight has been on January's Consumer Price Index reading, tariff talks, and the Federal Open Market Committee meeting. Let's dive into the key macroeconomic tends highlighted this earnings season.

Stocks and bonds increased as the macroeconomic environment offered a relatively positive narrative during the week.

In his first month back in office, Donald Trump has embarked on multiple opening salvos of a trade war. What does this more aggressive approach to international trade mean for U.S. equities—and investors? It’s complicated.

Equities fell and the yield curve flattened as tariffs took center stage during the week.

Are we at the peak of the business cycle, or are we still in growth mode? Estimating our current position in the cycle has important implications for portfolio allocation, as asset classes can perform differently in each stage. One way to do that is via the high yield bond spread—here’s what it has to say for allocators.

Concerns on the economy, geopolitical policies and AI competition rattled markets this week.

Nvidia dropped 16.9% in one day on January 27th, losing roughly $600 billion in market value.

Equity and bond prices rose as the markets attempted to digest the impact of Trump’s policies.

Robust economic data and expectations for fewer rate cuts this year hurt equities as bond yields rose.

Uncertainty around China and the upcoming transition of the U.S. government weighed on the markets this week.