Franklin Templeton Institute
June 1, 2026
Strong Earnings Season Complete
Weekly UpdateEquitiesRates Govt BondsRates CreditInformation TechnologyMaterials
Following a strong earnings season with 27% year-over-year growth, the market focus is shifting to AI capex, new Fed leadership, and a broadening equity rally into small caps and emerging markets.
Key Takeaways
- 1.Equities have completed a strong earnings season, with 83% of S&P 500 companies beating estimates and EPS growing 27% year-over-year.
- 2.Market focus is shifting toward AI capital expenditures and upcoming IPOs from high-profile companies like SpaceX, OpenAI, and Anthropic.
- 3.The Federal Reserve's leadership under new Chair Kevin Warsh and the potential impact of the US-Iran conflict on oil prices are primary macro risks.
Table of Contents
- Macro
- Equities
- Fixed income
- Sentiment
- Glossary of terms
- Indexes
- WHAT ARE THE RISKS?
- IMPORTANT LEGAL INFORMATION
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Authors
Taylor Topousis, CFAChris Galipeau
Securities
SpaceXOpenAIAnthropicSPXMSCI Emerging Markets IndexBrent Crude
Themes
Market BroadeningAI Monetization and SpendingGeopolitical Inflation Risks
Regions
North AmericaMiddle EastGlobalUnited StatesIran