Jurrien Timmer(@TimmerFidelity):And below is a nifty heatmap of the weekly progression by quarter. Aside from 2021, which was the recovery form COVID), only 2018 shows a similar momentum. That was a mid-cycle boost from the TCJA. Ironically, 2018 was a down year as falling multiples more than offset booming earnings. It’s a reminder that prices do follow earnings, but rarely at the same time.

Jurrien Timmer

@TimmerFidelity

Dir. of Global Macro @Fidelity. Student of history, chart maker, cyclist, cook. Helping investors break thru the clutter. Views are mine.

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Jurrien Timmer@TimmerFidelity

2026.09.23 23:55

And below is a nifty heatmap of the weekly progression by quarter. Aside from 2021, which was the recovery form COVID), only 2018 shows a similar momentum. That was a mid-cycle boost from the TCJA. Ironically, 2018 was a down year as falling multiples more than offset booming earnings. It’s a reminder that prices do follow earnings, but rarely at the same time.