The recessionary forces unleashed by tariffs will only be felt in the coming months. [Week #13]

Deep dive into forward EPS

Macro dashboard update

Growth

• S&P 500 Forward Operating Earnings: Mag7 (ex NVDA) have reported Q1 2025 earnings, and they beat expectations by a significant margin:
  Apple: EPS $1.65 — $0.03 beat
  Amazon: EPS $1.59 — $0.23 beat
  Microsoft: EPS $3.46 — $0.24 beat
  Meta: EPS $6.43 — $1.21 beat
  Alphabet: EPS $2.81 — $0.80 beat
  Tesla: EPS $0.27 — $0.15 miss (but the st…