Earnings season is pretty much wrapped up. With about 90% of S&P 500 companies having reported, Q2 earnings are coming in a lot stronger than expected. Excluding the investment gains from $Alphabet(GOOGL)$ and $Amazon.com(AMZN)$ , EPS growth is tracking around +30% YoY, compared to the ~22% estimate from July 1. Include those gains, and growth approaches +50%. On top of that, 76% of companies have beaten EPS estimates, which matches last quarter's strongest beat rate since 2021. The earnings backdrop looks stronger than the headlines suggest.
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