Editorial companion

What stands out

Jed Ellerbroek’s rundown on Schwab Network makes the obvious point feel urgent: a strong second quarter has already priced in a lot of good news, and Mag 7 earnings, including Alphabet, Amazon, Meta and Microsoft, are the next stress test. He ties corporate results to macro shocks, noting U.S.-Iran tensions lifting oil prices and rattling cyclical names, while the big-cap reports will show whether ad strength, cloud demand and early artificial intelligence (AI) revenue can justify the market’s high bar.