Are we wobbling here, Alexis? Is that what's happening with the stock market? I'm seeing the

NASDAQ, three pullbacks of more than 1% in the past six sessions. That's at the time of this

recording. Is that a wobble? It's not looking super steady. Does it feel steady? But the

earning season has been good. I mean, it's been good

bordering on great. It's always pretty good, but it's been really good. I'm thinking that buys us

some time at least. I'll run through some of the numbers and folks can decide for themselves.

This is the Barron Streetwise podcast. I'm Jack Howe with me, our audio producer Alexis Moore.

Hey, Jack. We are almost 90% of the way through earnings season. There's a thing that happens

four times a year where America's publicly traded companies report their financial results to

investors. Basically, I compare it with having a dunk contest on lowered

rims. In this case, what happens is analysts reduce their estimates as we get closer and closer

to reporting time. And then companies announce their numbers, and we all celebrate that they beat

estimates. They were upside earnings surprises galore.

That's what usually happens. That is happening this time, but to a greater extent than usual.

If you go back to the beginning of this year, analysts were predicting 13% third quarter earnings

growth for companies in the S&P 500. That's excellent growth. That was

before the big tariff announcements. What was I? What did we call that again? Independence Day.

They called it Liberation Day. Liberation Day. I don't know why I keep forgetting that.

It's such a description that draws the mind to tariffs.

Okay, so we had the tariff announcements in spring, and there were reciprocal tariffs,

and there were pauses, and there were unpauses.

And analysts gradually reduced their growth estimates to the point where at the end of September,

...