Earnings Reports: Last week was a great start to earnings with four large banks reporting very strong earnings and in particular JP Morgan. The four banks significantly beat earnings expectations and revenues were also very strong. The current expectations for S&P 500 earnings, for the first quarter, are down -6.5% and for 2023 full year earnings are currently expected to be flat with 2022. We think this quarter will come in better than -6.5% but still will be negative.

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