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You’re never sure what earnings seasons will bring. Hence their volatility. But one thing is certain about the first-quarter results about to be disclosed. They couldn’t matter less to the market’s current valuations. And while it’s a Wall Street cliche that “the guidance is what matters,” that view is being taken to absurd extents right now, when the S&P 500 is pricing in profits that virtually cannot materialize in two years. That’s a level of faith in the future that history gives little basis for justifying. Here’s the math. Based on existing analyst forecasts for earnings...

U.S. Satisfaction at 11% in Early January Satisfaction is down from 16% last month but similar to 13% last summer Donald Trump's four-year average satisfaction at 30% WASHINGTON, D.C. -- Before the Jan. 20 inauguration of Joe Biden as the nation's 46 th president, 11% of Americans said they are satisfied with the way things are going in the U.S. This is down from 16% in December and marginally lower than readings of 13% and 14% in July, August and September last year, while remaining a few percentage points above the all-time low of 7% recorded in 2008. Line graph. Americans' satisfaction wit...