This week in the podcast, we take alook at what we learned from week 1 of 2Q21 reporting season. The two bigthings you need to know: (1) 2Q21 reporting season got off to a sour start, butit’s too early to gauge the overall tone, as last week’s reporters were mostlyFinancials, and their weak stock price reactions, stand in contrast to the morepositive reactions seen by the early reporters. (2) COVID discussions haven’tdisappeared from management commentary which have highlighted ongoing vigilanceon the Delta variant. This may contribute to additional pressure on thereflation trade in the near term, as the Large/Small, Growth/Value, andSecular/Cyclical trades have started to move in tandem with domestic casecounts again.