# Why Stocks Keep Rallying

Page: https://stenobird.com/podcast/thoughts-on-the-market-980853/why-stocks-keep-rallying
Text version: https://stenobird.com/podcast/thoughts-on-the-market-980853/why-stocks-keep-rallying.md
Podcast: [Thoughts on the Market](https://stenobird.com/podcast/thoughts-on-the-market-980853)
Published: 2026-05-04T20:30:00+00:00
Episode link: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/06732d7f-866d-48c6-8449-ed8df518e028.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
Audio file: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/06732d7f-866d-48c6-8449-ed8df518e028.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
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JSON: https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/why-stocks-keep-rallying
Duration seconds: 293

## Resource

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains the factors behind stock gains across sectors. Read more  insights  from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley’s CIO and Chief U.S. Equity Strategist.  Today on the podcast I’ll be discussing why earnings remain the most important variable for equity markets. It's Monday, May 4th at 2pm in New York.   So, let’s get after it. The more I think about what’s been driving this market, and the more time I spend with the data, the more I keep coming back to the same conclusion: it’s earnings. Not the headlines, not even the Fed. Earnings are doing the heavy lifting right now. When I look at this reporting season, what stands out isn’t just resilience, it’s strength that’s broader than most people appreciate. The typical company in the S&P 500 is growing earnings at about 16 percent, and the median earnings surprise is running around 6 percent. That’s the strongest we’ve seen in four years. What’s really interesting to me is that this strength is no longer confined to just the biggest tech names. Yes, hyper scalers and semiconductors are still playing a leading role, but the story is expanding. We’re seeing earnings revisions move higher across Financials, Industrials, and Consumer Cyclicals, in particular. That kind of breadth tells me this isn’t just a narrow leadership story; it’s something more sustainable. At the same time, many investors are focused on the geopolitical backdrop, particularly the Iran conflict and what it means for oil, inflation, and supply chains. To be fair, companies are feeling some of that pressure. When you listen to earnings calls, you hear about rising freight costs, tighter…

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## Transcript

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