Zaid Admani

The S&P is now less than 2% from all-time highs.

We could be sitting at record highs by midweek if this momentum continues.

Personally, I was just happy to see software stocks get some love yesterday.

The software ETF IGV jumped over 5% on Monday.

Names like Oracle, Salesforce, and Adobe all had big days.

Now, zooming out, the uncertainty overhanging the market is still going to be the impact the war is having on inflation.

This morning, we got another inflation report, the March PPI report, which measures wholesale inflation.

And that was up 0.5% month over month, which is surprisingly cool.

Economists were expecting a 1% jump because of rising energy prices.

Now don't get me wrong, energy prices were still up in March, gasoline at the wholesale level surged 16%, diesel was up 42%, and jet fuel jumped 30%.

But outside of energy, prices were basically flat, so that means that while the war did drive up our gas bill, it hasn't bled over into the broader economy just yet.

Now the big question moving forward is going to be, will that hold?

Overall though, I think the market is ready to focus on corporate earnings as we enter earnings season, and not on all the geopolitical drama.

So the next few weeks should be very interesting.

It's a great time to get subscribed to the podcast if you haven't already and tune in every day to stay in the loop.

Let's run through some headlines, starting with bank earnings.

Three of the biggest banks in the US reported earnings this morning, JP Morgan, Wells Fargo, and Citigroup.

Let's start with JP Morgan.

They're the biggest bank in the world.

They posted better than expected profits in Q1, powered by a record trading revenue and strength in its deal-making business.