The second-quarter earnings season is now underway, with 77 S&P 500 companies having reported. Of these companies, 79.2% have surprised to the upside, 15.6% to the downside, and 5.2% have been in line. This is a little above the average surprise factor of 74% (or 75.7% for the second quarter) since 2013.
In this Economics Weekly, we break down the past quarter’s earnings and preview the main factors that we will be looking for from a macro perspective.
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Richard de Chazal, CFA, is a London-based macroeconomist covering the U.S. economy and financial markets.