Recent market moves a sign of resilience, says Evercore ISI's Emanuel

• Market resilience is attributed to 'earnings power' despite macro headwinds like rising 10-year yields (towards 4.70%) and WTI crude (towards $90).
• Alphabet's Q2 results, particularly cloud revenues up 82% YoY, are seen as a positive sign, with the stock holding steady post-earnings.
• Emanuel expects hyperscalers and semiconductors to trade better, breaking out of the current range, and highlights Korea (KOSPI) as a key indicator for the momentum trade's future.
• Year-end S&P 500 target of 7,750 (as displayed on screen, though this is likely a mislabel for a tech-heavy index like the NASDAQ 100 given current S&P 500 levels).

Julian Emanuel of Evercore ISI believes the market's recent resilience, despite rising yields and oil prices, is a sign of underlying earnings power rather than a bubble. He anticipates a breakout from the current sideways trading range, driven by strong performance from hyperscalers and semiconductors, and suggests watching Korea as a key indicator for the momentum trade.