The big things you need to know:

• First, we run through our first impressions from week 1 of 2Q25 reporting season in terms of both the stats and company commentary. Out of the gate, our impression is that it’s been fine but not fabulous.
• Second, we review what else jumps out to us on our high frequency indicators which includes the underperformance of quality factors, average levels of bullishness on the weekly AAII retail investor survey, and subdued flows to US equity funds.