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US Earnings Season Remains Exceptionally Strong as Big Tech Drives Markets Higher
The peak of the US earnings season now appears largely behind, and the broader picture remains remarkably strong. Among the companies that have already published their prints:
• 80% have exceeded revenue expectations — comfortably above the 5-year average of 70% and the 10-year average of 67%;
• 84% have surpassed EPS expectations — likewise above the 5-year average of 78% and the 10-year average of 76%.
Meanwhile, the major technology firms continue to lead earnings growth amongst constituents of the S&P 500 whilst simultaneously announcing fresh large-scale share buyback programmes, which remain one of the principal drivers underpinning the strength of the US equity market.
The S&P 500 itself continues to trade close to record highs.
What appears particularly noteworthy, however, is that markets are increasingly responding not merely to the strength of current earnings, but to the resilience of corporate guidance for the second half of the year. So long as the US companies continue to project confidence in future profitability, investors are likely to treat market pullbacks more as buying opportunities than as the beginning of a broader reversal. This, in turn, continues to reinforce the dominance of the technology sector and sustain overall risk appetite despite elevated interest rates and persistent inflation uncertainty.
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