Markets Weekly Notes
Jan 19 – Jan 25 · 2026-W04
1 event this week
🧠 Feynman Takeaway
Q4 earnings continued to impress — 75% beat rate, 8.2% YoY growth, tech and materials leading.
Q4 Earnings: 75% Beat Rate, 8.2% Growth
In plain English
By January 23, 13% of S&P 500 companies had reported: 75% beat earnings estimates, blended growth was +8.2% YoY, revenue growth at +7.8%. Tech and materials led the way. Netflix and Intel validated the AI investment thesis.
Analogy
75% of companies beating earnings is like 3 out of 4 students getting A's on a test. Either the test was easy, or the class is really smart. Markets decided it was the latter — for now.
Why it matters
This would be the last 'great' earnings season for a while. By July, JPMorgan would warn that earnings momentum was peaking.