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With roughly 90% of S&P 500 (^GSPC) companies having reported, about 80% logged year-over-year EPS growth in the second quarter, placing the period in the 94th percentile for that metric, per Bank of America research.
BofA strategists led by Savita Subramanian note the index is now on track for four consecutive quarters of EPS growth exceeding 20%, a sequence that has occurred only 10 times since 1936.
The AI trade is doing the heavy lifting, and the question on the tape is how long that holds.
The AI spread inside the index Ten of eleven S&P 500 sectors are on pace for positive year-on-year earnings growth this quarter. That breadth sounds reassuring.
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