This is a market that wants to trend to the upside, says BMO's Carol Schleif

Market Performance & Trends - S&P futures and NASDAQ are slightly up, with NASDAQ up by approximately six points [1] - The Dow Jones Industrial Average has reached new record highs, closing above 48,000 [1] - NASDAQ is just over 2% away from its all-time high [2] - The market exhibits a tendency to trend upwards, with new highs often leading to further highs [3] Earnings & Profitability - With 90% of results in, companies have demonstrated an average topline growth of 8% and bottom line growth of 12%, indicating increased profitability [6] - Earnings growth was widespread across 10 of 11 sectors [6] Hyperscaler Leverage & Debt - Hyperscalers are generally underlevered and have the flexibility to increase debt on their balance sheets [7][8] - Some hyperscalers are borrowing at rates close to the US government rate, indicating market support for their debt [9] Risks & Vulnerabilities - The interconnectedness of deals and the syndication of debt among a focused number of companies pose a potential vulnerability for the markets [11] - It is difficult to discern who will bear the risk if deals do not perform as expected, requiring close monitoring of escape clauses in private contracts [11][12][13]