Profit margins continue to defy the skeptics 🤑

Plus a charted review of the macro crosscurrents 🔀

Stocks pulled back last week with the S&P 500 shedding 1.3% to close at 4,457.49. The index is now up 16.1% year to date, up 24.6% from its October 12 closing low of 3,577.03, and down 7.1% from its January 3, 2022 record closing high of 4,796.56.

Recent market gains can be attributed to the outlook for earnings growth. And some of that expected earnings…