Earnings are still good, but stocks are acting like the economy is slowing

There are macro cross currents: earnings are still good, but stocks are acting like the economy is slowing, and the commentary on the consumer has turned cautious. Are you confused yet? Some are eager to trade the market based on a soft landing, others are eager to trade on a recession. The markets are not sure, but parts are acting like the consumer is slowing down.

The AIA/Deltek Architecture Billings Index, a measure of activity at major architecuture firms, reported the lowest levels in September since December 2020, during the height of the pandemic. The index "indicates that the share of firms reporting declining billings has significantly increased. In addition, the value of newly-signed design contracts also slumped in September, indicating that there is increasing reluctance among clients to sign contracts committing to new projects.

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