Alphabet Beats, But The Overall Earnings Picture Continues To Deteriorate

The drop in earnings estimates for 2026 is particularly worrisome

• This week’s advance in the stock market has taken the S&P 500 up to a key short-term resistance level. This is not a critical level, but whether it can break above it…or rolls back over…should be key for the near-term potential for the market. In our minds, however, the earnings guidance we continue to get over the next couple of weeks will quickly move to the forefront of investors’ minds.