liz ann: it really is quite extraordinary. a lot of people don't remember that it was actually on march 23, 2020 that the fed announced many of the back stop lending facilities they were putting in place specifically for the pandemic, that kind of bridge over to help the main street side of the economy. that just showed then, and i think we are still watching the power of the fed's words, even if it predates their specific actions. tom: the specific launch of our off of the grimness of a year ago, what is the liz ann sonders run rate of actual earnings growth forward? liz ann: for the second quarter, the comp relative to the second quarter of last year is the easiest. first-quarter consensus is up 24%. you've got big leadership in terms of contributions at the sector level, consumer discretionary, financials, materials. clearly that cyclical bias is where you are going to see the biggest pop. longer-term, we have seen earnings growth significantly above gdp growth, but i think the story looking ahead will be one potentially ab

coming up with liz ann sonders.ere's what i think on a friday. we are beginning to see the earnings season, and we will see major reports from equity strategists today through the weekend i didn't to monday. you will hear from all of them. jonathan: mike wilson of morgan stanley focused on execution. we seen that from procter & gamble, whirlpool, kimberly-clark, coca-cola, all talking about passing on higher costs. tom: i know you are riveted by this. i get emotional as well, ken's 60th birthday over at mattel. jonathan: happy birthday ken. who thought this is where we would be, talking about a 60th birthday for ken with tom keene? lisa: i'm just going to hope that's transitory. jonathan: it's not. it's permanent. [laughter] tom: in honor of the astronauts, tang today. lisa: i will say this, just talking about earnings. there's been a really interesting development, in my opinion. you have seen really good earnings on average. some misses, but honestly, for the most part it's been great, and the response in markets

let's bring in liz ann sonders, chief investment strategist and senior vp at charles schwab.. >> yeah. >> how much longer can it last how much farther can it go based on the fundamental news we're getting? >> don't i wish i knew that. you know, the fund mental -- >> you're the strategist. >> yeah, but i don't try to time markets in the short term, so i said it with jest, but there's some seriousness behind it too because i don't think that's how investors should approach investing. clearly the economic news has been spectacular what was interesting at least today was watching the move down in the 10-year i'm not quite sure what to make of that yet, other than maybe given how strong the news is, maybe the bond market is pricing in peak growth coming sooner than expected. and we're still early in earnings season, but of course the numbers have been gangbusters so far we've had less than 40 companies report but 88% have beaten expectations the percent by which companies have boeaten so far is 20%, whih is well above the mid-single digit norm kind of metric pre-pandemic but we st

. >> such an important shift to note there, liz ann. i'm looking at the notes from you and something really jumped out and that's what you had to say about ism manufacturing readings with strong data as of late why what does that signal how do you see it? >> i actually amy going to use the chart of that in a presentation and it's -- the title is be careful what you wish for and as much as the stock market tends to bounce off its bear market lows well in advance of economic data improving, we saw that 14 months ago in march, but you have to be mindful of extremely positive economic news and the point at which it's already priced into the market so if you go back to 1948, the history we have on ism manufacturing and break it into the headline reading the worst performance for the market has come in the highest desil and we are in that decile now conversely the lowest decile have been followed and a six-month later look ahead had the best return so you really just have to understand the nature of leading indicators versus lagging and the i

this is a very interesting moment where hope needs to meet reality, and i think liz ann sonders nailedwhen she's that we just don't know if we are setting the bar too high or too low. tom: j.p. morgan kicks off earnings season. then you go to april 28, fed day. i really wonder, where are we 31 days from now? to me it is a complete mystery as corporations reset, and this stock market resets for the expectations of the autumn and into winter. lisa: president biden coming out reportedly on cnn this morning, saying he is setting a target date of april 19 for all adults to be eligible to get vaccinated. we keep bringing the targets up, adding to this optimism, yet there is a key question. it is those projections out that we really have a lack of clarity on. padhraic: -- tom: they begin a messaging campaign, and the message last night was 38,000 at the texas rangers baseball game. they said we are going to fill the seats, and you heard dr. adalja. he wasn't happy about that. lisa: it is a race to get ahead of the pandemic with the vaccines, and we are not quite winning it yet. the case count