Global Markets: Fundamentals Have The Floor

Earnings season is shifting the market's focus back to company-level performance. This week, stocks with accelerating revenue growth and expanding margins are outperforming their peers, traders said. The pattern is most visible in technology and consumer discretionary sectors, where forward guidance has been strong. One trader at a New York-based hedge fund described the environment as one where "the narrative is finally matching the numbers." The shift comes after months of macro-driven trading. The next catalyst is the Federal Reserve's rate decision on Wednesday, which could either reinforce or disrupt the current rotation into quality names.