Another earnings season, another reminder to never doubt Corporate America.
Here’s some eye-popping stats:
90% of the S&P 500’s market cap has reported and analysts expect S&P 500 profits will now grow 14.6% year-over-year in Q3.
The estimate heading into earnings season was for 7.4% growth, so we are beating the preseason estimate by an additional 7.2%.
Said differently, S&P 500 companies are growing profits at nearly double the rate they were expected to.
Unreal.
Let me visualize this for you guys. Take a look below.
10 out of 11 sectors have seen upward revisions to their Q3 earnings growth. The only sector with a downward revision is Industrials.
At the index level, the S&P 500’s blended earnings growth has been revised up by 7.2%, now tracking +14.6% vs the original +7.4% preseason estimate.
Oh, and by the way, the Mag7 cumulatively now make $1M a minute.
Crazy stuff.
That’s all for today. Thank you for reading and have a great week!