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Data: FactSet; Chart: Axios Visuals

Bloomberg's Tracy Alloway noted Tuesday, the country saw "mass social unrest, continued culture wars, the prospect of martial law, a curfew in the world's biggest financial center, and the looting of a retail icon. So naturally, futures are up."

Between the lines: She didn't even mention that the number of new coronavirus cases worldwide is now rising at a record rate of more than 100,000 per day.

Why it matters: Sometimes, in the markets, bad news is good news. In this case, corporate America seems to be acting rather like one of those improbable Hollywood action heroes: No matter how large and how terrible the perils thrown in its way, the result never seems to be much more than a flesh wound.

By the numbers: The S&P 500's net profit margin was a robust 10.5% in the first quarter of 2020, despite a large part of the economy being shut down by the novel coronavirus.

  • The S&P 500 is expected to earn $126 per share this year. That's more than it earned in any year up to and including 2016. Next year, FactSet estimates that the 500 companies will earn a record $162 per share.

The big picture: The real economy is terrible, with GDP plunging and unemployment reaching Depression-era levels. If corporate earnings can survive all this and a historic bout of social unrest, investors can be forgiven for thinking that they can probably survive anything.

Go deeper

S&P 500 closes at record high for first time since pandemic began

Source: FactSet; Chart: Axios Visuals

The S&P 500 closed at a new high on Tuesday for the first time since February, before the coronavirus pandemic was declared.

Why it matters: It’s among the fastest-ever recoveries on record and comes as millions of Americans remain out of work during one of the worst economic downturns in U.S. history.

Anti-abortion activists' Supreme Court dreams are coming true

Photo illustration: Annelise Capossela. Photos: Kevin Dietsch/Getty Images

This is the moment the conservative legal movement has been building toward for decades: The solidly conservative Supreme Court is about to hear two major abortion cases within a month of each other.

Why it matters: All of this is likely to end with significant new restrictions on abortion and a clear path for Republican-led states to win the next big abortion cases, too — the culmination of a long and bitter fight for control of the judiciary.

Felix Salmon, author of Capital
4 hours ago - Economy & Business

Trump's volatile return to the stock market

Expand chart
Data: YCharts; Chart: Axios Visuals 

Donald Trump this week became both a meme stock and a social-media entrepreneur at the same time, by announcing that a new company called Trump Media & Technology Group was going to merge with an existing company listed on the stock market.

Why it matters: The medium-term promise of Trump's media company is that it will replace Twitter for anybody wanting to keep track of Trump's messages. The short-term promise is that it can be a hot new speculative vehicle for people wanting to get rich quick in the stock market.

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