Trade tensions have not dampened market confidence; American business executives' optimism has reached its highest level since 2007.

Gold Ten Data November 11th: Despite ongoing trade tensions and seemingly high stock valuations, corporate executives’ outlook on the economy during this earnings season remains unusually optimistic. According to foreign media reports, data from tracked sales, guidance, and earnings conference calls show that mentions of “economic slowdown” and its synonyms are at their lowest levels since 2007. Although a government shutdown has caused interruptions in official US data and made policy outlooks more uncertain, these issues are still occurring. Meanwhile, the S&P 500 index is heading toward its third consecutive year of high returns, with stock prices as expensive as their post-pandemic peaks. Most fears among investors that tariffs would severely damage global growth and corporate profits have not materialized. The third-quarter earnings season shows that companies have mitigated the impact of tariffs through price increases, cost cuts, and supply chain simplification. Consumers worldwide have also demonstrated resilience.