{"id":187951,"date":"2023-04-03T12:34:33","date_gmt":"2023-04-03T16:34:33","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=187951"},"modified":"2023-04-03T12:50:58","modified_gmt":"2023-04-03T16:50:58","slug":"narrowing-leadership-raises-the-stakes-for-earnings-season","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/narrowing-leadership-raises-the-stakes-for-earnings-season\/","title":{"rendered":"Narrowing Leadership Raises the Stakes for Earnings Season"},"content":{"rendered":"\n<p>Spring has sprung.&nbsp; The days are noticeably longer, my daffodils and crocuses have begun to bloom, the NCAA Tournament will be decided tonight (go UConn!).&nbsp; There is a natural optimism that arises when spring comes calling, so it feels a bit odd to be discussing market risks \u2013 especially after a <a href=\"\/campus\/traders-insight\/securities\/macro\/a-spiderman-quarter\/\">rousing end to the first quarter<\/a>. &nbsp;April also brings around earnings season, and the narrowing market leadership increases its stakes.<\/p>\n\n\n\n<p>The following table shows the vast outperformance of indices that are top-heavy with so-called \u201cmegacap\u201d tech stocks.&nbsp; For reference, the top seven companies in the NASDAQ 100 Index (NDX) comprise over 50% of its weight (the two classes of Alphabet are summed).&nbsp; The top two stocks alone \u2013 Microsoft (MSFT) and Apple (AAPL) \u2013 are over 25%.&nbsp; Those relative weights in the S&amp;P 500 Index (SPX) are almost exactly half.&nbsp; When we see how well those megacap leaders performed in the quarter, it should be little surprise that indices with heavier megacap tech concentration in the index outperformed substantially.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Megacap Tech Outperformance in First Quarter<\/strong><\/td><\/tr><tr><td><\/td><td><\/td><\/tr><tr><td>NASDAQ 100<\/td><td>20.49%<\/td><\/tr><tr><td>S&amp;P 500<\/td><td>7.03%<\/td><\/tr><tr><td>Russell 2000<\/td><td>2.34%<\/td><\/tr><tr><td>NASDAQ Composite<\/td><td>16.77%<\/td><\/tr><tr><td>NYSE Composite<\/td><td>1.26%<\/td><\/tr><tr><td>S&amp;P 500 Equal Weighted<\/td><td>2.41%<\/td><\/tr><tr><td>NYSE Fang+<\/td><td>39.16%<\/td><\/tr><tr><td><\/td><td><\/td><\/tr><tr><td><strong>Top Ten Companies in NASDAQ 100<\/strong><\/td><\/tr><tr><td><\/td><td><\/td><\/tr><tr><td>Microsoft<\/td><td>20.52%<\/td><\/tr><tr><td>Apple<\/td><td>27.11%<\/td><\/tr><tr><td>Alphabet Class A<\/td><td>17.57%<\/td><\/tr><tr><td>Amazon<\/td><td>22.96%<\/td><\/tr><tr><td>NVIDIA<\/td><td>90.10%<\/td><\/tr><tr><td>Tesla<\/td><td>68.42%<\/td><\/tr><tr><td>Meta<\/td><td>76.12%<\/td><\/tr><tr><td>Broadcom<\/td><td>15.56%<\/td><\/tr><tr><td>PepsiCo<\/td><td>1.59%<\/td><\/tr><tr><td>Costco<\/td><td>9.03%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Sources: Interactive Brokers, Bloomberg<\/p>\n\n\n\n<p>A fair amount of these names\u2019 initial outperformance in Q1 can be attributed to a <a href=\"\/campus\/traders-insight\/january-effectiveness\/\">larger than normal January Effect<\/a>.&nbsp; Many of these stocks were disproportionately oversold in December when a bout of year-end tax-loss harvesting turned into a bit of a rout.&nbsp; That negative catalyst was gone when the calendar turned, and the ensuing relief rally morphed into a full-fledged run.&nbsp;&nbsp; Two key factors abetting the specific focus on megacap techs were enthusiasm about artificial intelligence (AI) \u2013 NVIDIA (NVDA) and Microsoft (MSFT) were particular beneficiaries &#8212; and a perception that many of these stocks\u2019 solid earnings streams and balance sheets offered a safe harbor when concerns about banks pervaded the market\u2019s psyche.&nbsp;<\/p>\n\n\n\n<p>In case the prior table is not stark enough, the following charts should make NDX\u2019s outperformance even more obvious.&nbsp; The NASDAQ Composite (COMP) and NDX have correlated exceptionally well, with R-squared of 0.97 or more since 2002.&nbsp; Yet the spread between the two indices \u2013 the middle panel below &#8212; is at a width not seen in 30 years:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ndx-vs-comp-30-years-monthly-charts-top-spread-middle-correlation-bottom\"><strong><em>NDX vs. COMP, 30 Years Monthly Charts (top), Spread (middle), Correlation (bottom)<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"519\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture3-1-1100x519.png\" alt=\"NDX vs. COMP, 30 Years Monthly Charts (top), Spread (middle), Correlation (bottom)\" class=\"wp-image-187953 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture3-1-1100x519.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture3-1-700x330.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture3-1-300x142.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture3-1-768x363.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture3-1.png 1430w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/519;\" \/><\/figure>\n\n\n\n<p><em>Source: Bloomberg<\/em><\/p>\n\n\n\n<p>A market truism is that we want to see broad-based rallies, rather than those with narrow leadership.&nbsp; One way that we discern that is what we\u2019ve already done, shown how narrow-based indices have dramatically outperformed broader counterparts.&nbsp; Another is to look at a market\u2019s advance\/decline line.&nbsp; When markets are broadly advancing, their cumulative advance\/declines should keep pace with the benchmark index\u2019 rise.&nbsp;&nbsp; The following chart shows anything but that for NASDAQ:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Cumulative Advances-Declines for the NASDAQ Exchange (green) vs. NDX (yellow), 5 Years<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"500\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture2-1-1100x500.png\" alt=\"Cumulative Advances-Declines for the NASDAQ Exchange (green) vs. NDX (yellow), 5 Years\" class=\"wp-image-187954 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture2-1-1100x500.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture2-1-700x318.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture2-1-300x136.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture2-1-768x349.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Picture2-1.png 1430w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/500;\" \/><\/figure>\n\n\n\n<p><em>Source: Bloomberg<\/em><\/p>\n\n\n\n<p>When NDX was steadily rising for most of the past five years, the A\/D line was generally keeping pace.&nbsp; For better or worse, it also kept pace during the declines of early 2020 and most of 2022.&nbsp; Yet now we see the A\/D line coming nowhere close to confirming the past few months\u2019 rise.<\/p>\n\n\n\n<p>All this data seems to raise the stakes for earnings season, which arrives later this month.&nbsp; The dates are not confirmed yet, but we can expect to hear from most of the megacap techs during the last week of April or earlier.&nbsp; If these stocks fail to meet expectations, a resulting selloff will necessarily have significant negative consequences for the indices that they dominate.&nbsp; It\u2019s relatively obvious arithmetic.&nbsp; Furthermore, one needs to consider whether the current enthusiasm has raised investors\u2019 expectations above and beyond published analyst consensus.&nbsp; If so, that further increases the risks.<\/p>\n\n\n\n<p>Those who prefer to hedge with put options may find it too early to put on their positions.&nbsp; Four weeks can be an eternity for those whose holdings decay.&nbsp; But it is never too early to consider strategies in advance of the event.&nbsp; If you\u2019ve been fortunate enough to have ridden the wave higher, you might find that your portfolio is more heavily weighted than normal.&nbsp; Might you want to pare your holdings to more normal levels?&nbsp; Or, if you\u2019re neither willing to sell now, nor are you ready to utilize options strategies now, might you want to consider which strategies would be most appropriate and when you feel comfortable implementing them.&nbsp;<\/p>\n\n\n\n<p>This spring brings an interesting crossroad for investors.&nbsp; It is usually good practice to let one\u2019s winners run, and last quarter\u2019s winners have indeed had quite a run.&nbsp; But it is also good practice to be wary of markets with narrow leadership and those that have wildly outperformed their peers.&nbsp; Vigilance is not something we normally associate with springtime, but it seems quite prudent this April.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>April brings around earnings season, and the narrowing market leadership increases its stakes.<\/p>\n","protected":false},"author":4,"featured_media":147681,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,26,3],"tags":[2397],"contributors-categories":[13576],"class_list":{"0":"post-187951","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-earnings-season","15":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Narrowing Leadership Raises the Stakes for Earnings Season<\/title>\n<meta name=\"description\" content=\"April brings around earnings season, and the narrowing market leadership increases its stakes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/187951\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Narrowing Leadership Raises the Stakes for Earnings Season | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"April brings around earnings season, and the narrowing market leadership increases its stakes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T16:34:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-03T16:50:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/07\/earnings_season_Featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"Narrowing Leadership Raises the Stakes for Earnings Season\",\n\t            \"datePublished\": \"2023-04-03T16:34:33+00:00\",\n\t            \"dateModified\": \"2023-04-03T16:50:58+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/\"\n\t            },\n\t            \"wordCount\": 853,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/07\\\/earnings_season_Featured-img.jpg\",\n\t            \"keywords\": [\n\t                \"earnings season\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/\",\n\t            \"name\": \"Narrowing Leadership Raises the Stakes for Earnings Season | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/07\\\/earnings_season_Featured-img.jpg\",\n\t            \"datePublished\": \"2023-04-03T16:34:33+00:00\",\n\t            \"dateModified\": \"2023-04-03T16:50:58+00:00\",\n\t            \"description\": \"April brings around earnings season, and the narrowing market leadership increases its stakes.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/narrowing-leadership-raises-the-stakes-for-earnings-season\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/07\\\/earnings_season_Featured-img.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/07\\\/earnings_season_Featured-img.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"I Wish I Could Rearrange Earnings Season\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Narrowing Leadership Raises the Stakes for Earnings Season","description":"April brings around earnings season, and the narrowing market leadership increases its stakes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/187951\/","og_locale":"en_US","og_type":"article","og_title":"Narrowing Leadership Raises the Stakes for Earnings Season | IBKR Campus US","og_description":"April brings around earnings season, and the narrowing market leadership increases its stakes.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/","og_site_name":"IBKR Campus US","article_published_time":"2023-04-03T16:34:33+00:00","article_modified_time":"2023-04-03T16:50:58+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/07\/earnings_season_Featured-img.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Narrowing Leadership Raises the Stakes for Earnings Season","datePublished":"2023-04-03T16:34:33+00:00","dateModified":"2023-04-03T16:50:58+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/"},"wordCount":853,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/07\/earnings_season_Featured-img.jpg","keywords":["earnings season"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/","name":"Narrowing Leadership Raises the Stakes for Earnings Season | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/07\/earnings_season_Featured-img.jpg","datePublished":"2023-04-03T16:34:33+00:00","dateModified":"2023-04-03T16:50:58+00:00","description":"April brings around earnings season, and the narrowing market leadership increases its stakes.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/narrowing-leadership-raises-the-stakes-for-earnings-season\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/07\/earnings_season_Featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/07\/earnings_season_Featured-img.jpg","width":1000,"height":563,"caption":"I Wish I Could Rearrange Earnings Season"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/07\/earnings_season_Featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/187951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=187951"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/187951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/147681"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=187951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=187951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=187951"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=187951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}