Dear Trader,

I’m live with AG this morning at 10 AM Eastern, and you are going to want to be in the room.

Earnings season just printed one of the strongest quarters in 20 years, but the index is climbing faster than the profits underneath it.

Oil is collapsing on Iran peace chatter that may not hold.

And the productivity number that just hit is the kind of macro tell that has a way of catching the Fed flat-footed.

I’m going to walk through what each of these signals means, where the pressure is building, and what we’re watching into next week's tape.

Tap this link to jump to the State of the Market live room.

This link adds State of the Market to your calendar.