The big things you need to know:

1. First, we run through our thoughts on last week’s choppy price action in the S&P 500 and reiterate our 7,750 12-month-forward S&P 500 price target.
2. Second, we update the stats we’re tracking for 4Q25 reporting season, which generally bounced back in our latest update but remain weaker than what we’ve seen in past reporting seasons.