Goldman Sachs turns bullish on global equities near-term, citing earnings

The significance here is that a major house is treating the stall in oil and yields as a valuation reset rather than a warning sign, effectively arguing the macro drag that paused the rally has run its course. That stance matters most for allocators weighing equity exposure against still-elevated rates, since it implies earnings, not macro conditions, now drive the tape. The open question is whether earnings can keep carrying markets at record levels if oil or yields resume climbing.