earnings

One reason the market can cope with such high multiples is if investors are confident that earnings can grow for a while at a faster pace than the market will rise.

The banks are also likely to be supported by factors including robust earnings and high dividend yields.

The frequency of positive earnings surprises is the best this century, other than the reopening period after the pandemic in late 2020 and is notable for being driven both by sales and margins.

With the government shutdown entering its 34th day, focus will be on earnings with about a quarter of S&P 500 companies due to report this week.

The stock trades at an enterprise value of just under 23 times forward earnings before interest, taxes, depreciation and amortization.