The second quarter earnings season is underway. 70 companies on the S&P500 have reported so far, with 83% reporting earnings above analysts consensus. Estimates for earnings growth are 11.1% year on year, with a 4.5% revenue growth. Interestingly, only 53% of companies that have reported have beaten consensus estimates on revenue. That implies there may be some creative accounting going on. This coming week, 134 companies on the index are expected to report, and we may have an opportunity to see if the rotation out of tech into other sectors is confirmed by earnings. Also, it will be important to see wether companies with high valuations can defend them with strong results.
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Data source: LSEG/IBES
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