Uh joining us now, Sat Sethy, uh DCLA managing partner and a CNBC contributor. Sirat, thanks for being here today. Good morning to you, sir.Um as we think about the markets heading into next year, we talk about the benefit of taxes and and the one big beautiful bill act ultimately trickling down into consumers uh bank accounts in terms of tax refunds and benefits. Uh how much of that is already priced into the the markets that we're seeing right now. >> I think you're seeing some of it, Leslie.The markets a ...

Core Viewpoint - The iShares U.S. Basic Materials ETF is experiencing growth following a consolidation phase [1] Group 1 - The ETF is gaining traction in the market, indicating a potential recovery or upward trend in the basic materials sector [1]

Core Insights - The current earnings estimates for Q2 2025 for the S&P 500 index indicate a growth of +6.4% year-over-year, driven by a +3.9% increase in revenues [3][5] - The earnings season is more focused on assessing the impact of macroeconomic uncertainties rather than just the Q1 earnings results [5][20] - There has been a notable decline in earnings estimates across various sectors, particularly in Transportation, Autos, Energy, Construction, and Basic Materials [6] Earnings Performance - Total Q1 earnings for 419 S&P 500 members that have reported are up +12.2% from the same period last year, with 73.7% beating EPS estimates and 61.8% beating revenue estimates [5] - The Tech sector's earnings are expected to grow by +12.8% in Q2 with +9.9% higher revenues, although these expectations have decreased since early April [7][11] Sector-Specific Trends - The Tech sector has recently seen a reversal in earnings estimate trends, with notable improvements in estimates for major companies like Microsoft, Alphabet, and Meta [11][12] - Despite the overall downward trend in estimates, the recent adjustments in the Tech sector suggest a potential recovery in earnings expectations [11][12] Future Outlook - There is an expectation for further downward adjustments in earnings estimates as the impact of tariffs becomes more evident in economic data [20] - The modestly negative GDP read for Q1 reflects anticipatory effects of the trade regime, indicating that companies are preparing for the new levies [20]