The financial markets have not been driven by inflation?
Great chart from Bespoke Invest
How does one explain the synchronous movement as measured by the % of stocks above 50-day moving averages representing the market breadth of the US S&P 500? Except for the remaining 4%, all issues in the S&P 500 basket are in the morass.
In short, the above is another representation of rising and sinking tides.
see more charts of specific sectors here
So what happened to earnings?
chart also from Bespoke Invest
Where is the connection which shows earnings drive equity prices?
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