This week in the podcast, we take a

look at what we learned from week 1 of 2Q21 reporting season. The two big

things you need to know: (1) 2Q21 reporting season got off to a sour start, but

it’s too early to gauge the overall tone, as last week’s reporters were mostly

Financials, and their weak stock price reactions, stand in contrast to the more

positive reactions seen by the early reporters. (2) COVID discussions haven’t

disappeared from management commentary which have highlighted ongoing vigilance

on the Delta variant. This may contribute to additional pressure on the

reflation trade in the near term, as the Large/Small, Growth/Value, and

Secular/Cyclical trades have started to move in tandem with domestic case

counts again.