The big things you need to know:

• First, earnings sentiment has stabilized a bit, helping stock prices find some footing for the moment.
• Second, we run through our thoughts on what we learned from last week’s earnings calls. We think there are two different perspectives at play on the consumer, which may be adding to investor confusion. We exited the week seeing managing tariff impacts as a work in progress, but with a greater appreciation of the work that has been done.