Earnings Boost Stocks Amidst Caution and Record Highs

TL;DR Summary
Morgan Stanley highlights that while earnings support stocks, investors should be cautious of two risks: potential headwinds from Fed policy and funding markets, especially as the S&P 500 trades at a high valuation of 23 times next year's earnings, well above its 10-year average.
- Earnings are supporting stocks, but there are two risks to watch, says Morgan Stanley MarketWatch
- S&P 500 Earnings Season Update: October 31, 2025 FactSet Insight
- Earnings beats surge, but market reaction muted: Goldman Sachs Seeking Alpha
- Stocks Hit More Records on Trade, Earnings Optimism Barron's
- MARKET CALL: Super-Duper Earnings Yardeni QuickTakes
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