Editorial companion

What stands out

Ed Yardeni told Fox Business's Making Money that earnings have been the primary engine behind the market's recent gains. He walked through the S&P 500's strong second-quarter results and warned the Federal Reserve (Fed) could still push interest rates higher even while the economy expands. That matters because many participants have been betting on a Fed pivot rather than corporate profits; if earnings, not easy money, are the lift, then misses or margin pressure can quickly turn optimism into multiple compression.