This is The Takeaway from today’s Morning Brief, which you can sign up to receive in your inbox every morning along with:
It may not be showing up in the major market averages, but the past week was a good five days for investors.
And it’s really simple to understand why: The start of earnings season has been impressive.
Not just a little impressive, but very impressive. And not just a function of banks like JPMorgan (JPM), Citigroup (C), and Morgan Stanley (MS) cashing in on a bull market.
Corporate America at large is wowing, which I find fascinating considering the economic uncertainty out there (have you seen any government economic data in the past two weeks? I haven’t…) and tariffs being in full effect.
Going forward, I see three early themes to consider as we get more reports this week and next.
One, the consumer isn’t buckling under tariff-related cost increases for things like cars and soda. Two, companies aren’t buckling either — but it’s apparent tariffs are hurting profits. And three, hat tip to many CFOs who have done a good job talking down earnings potential this year to keep earnings beats coming.
Everywhere I look, I’ve seen positives to call out.
General Motors (GM) blasted earnings estimates and lifted guidance. CFO Paul Jacobson told me he’s seeing a resilient consumer and no material pickup in auto loan defaults, despite the drama-filled busts of First Brands and Tricolor. Some of the bestselling autos for GM were on the pricier side — think well-optioned trucks and Cadillac SUVs.
Hasbro (HAS) CEO Chris Cocks (video above) told me sales have accelerated over the past seven weeks due to demand for figurines, among other toys. The company hiked its full-year sales forecasts and expects a solid holiday season.
Rival Mattel (MAT) noted improving sales.
Incoming T-Mobile (TMUS) CEO Srini Gopalan explained how his telecom giant added more new phone customers than expected — and why he leaned in on increasing full-year profit guidance. Srini takes over as CEO on Nov. 1, with momentum at his sails.
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Netflix (NFLX) stock came under pressure after its earnings were clipped by a one-time expense. The stock got nicely defended, however, by the Street — as it should, given the double-digit percentage sales growth and the content slate it will deliver in 2026.
Hilton (HLT) and AT&T (T) were out with earnings beats and healthy outlooks as consumers continue to show that resilience. The airlines did well too, led by Delta (DAL).
Read More: Earnings season off to an impressive start
