Here's the stealthy reason stocks are at record highs

The article attributes the S&P 500’s fresh records to rising consensus earnings estimates rather than headline events. The index has rallied about 12% since the March 30 low and topped 7,000 last week as 2026–2027 EPS estimates sit roughly 4% above January levels, per Goldman Sachs strategist Ben Snider. Energy and information-technology sectors account for most positive revisions; Micron (MU) and Exxon Mobil (XOM) alone have driven over 60% of the 2026 EPS-upside since the war began. Solid early Q1 bank results (Goldman, JPMorgan, Bank of America) and resilient consumer reports (PepsiCo) are cited as additional support. Snider notes that improved geopolitical conditions could broaden earnings upgrades and market breadth, implying further upside if fundamentals keep improving.