Good Monday morning. Last week Delta Airlines kicked off Q1 earnings with record numbers on both the top and bottom line, which helped propel the Transportation index to an ATH. This morning Goldman kicked off big banks earnings with solid beats (beating on earnings by $1.14/share). GS is trading lower this morning, however that likely has more to do with Iranian negotiation disappointment (which has futures lower by .65%). Tomorrow we’ll get Q1 numbers from JPM, Citi and Wells Fargo.

Despite the growing wall of worry surrounding the war and rising oil prices ($104/b this morning, +7%), we continue to expect a solid Q1 earnings season. Wall Streets expects 12% growth (which would be the highest since 2021), which would also mark the 6th consecutive quarter of double-digit earnings growth (the longest streak since the financial crisis). Our forecasts remain that full year earnings growth will top 18%.

As to the war, our call remains that...for all intents and purposes...this war i...