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A year ago, Wall Street expected S&P 500 earnings to grow 16% this quarter. Now the number is 30%. ✅ Q3 earnings growth expected a year ago: 16.1%. Expected now: 30.2%. (Jefferies, citing LSEG) ✅ Tech: 65.1%. Semiconductors: 131.7%. ➡️ Estimates nearly doubled in 12 months. ✅ Even the Fed said it. Today's FOMC minutes: the rise in stock prices this year was entirely attributable to strong actual and expected corporate earnings, while P/E multiples declined. 😇 This is insane to see this inside of the FOMC minutes. ➡️ Translation: stocks went up in price and got cheaper at the same time. ➡️ This is why stocks keep shrugging off a 10-year above 5%. 😇 This rally is just getting started. 🚨 These are estimates, not results. Netflix reports Oct 20. A miss on numbers this high gets punished. What the Fed just said: https://t.co/viWCyZewXF