[Warsh's rate hold today](https://www.cnbc.com/2026/07/29/fed-meeting-today-live-updates.html) removes the last macro excuse for multiple expansion. Apple trades at $339.40 on momentum, not fundamentals — Tim Cook's last earnings call will expose whether the prestige brand model survives when consumer staples are already (https://www.cnbc.com/2026/07/29/procter-gamble-pg-q4-2026-earnings.html). The real question: pricing power.

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