Three weeks ago, just before JPM and the big banks put the official start to Q2 earnings season, we explain why "The Worst Earnings Season" Since The Covid Pandmic Could Send Stocks Surging." In short: the expectations bar was set way too long (in no small part thanks to Mike Wilson's apocalyptic forecasts), and considering spoos have risen as much as 100 points since then, we were right.
So where do we stand now that we are halfway done with earnings: can the melt-up continue?
Here are the numbers: 252 members of the S&P 500 have reported Q2 earnings (and 65% of cap). This week was the busiest week of the season w/ 48% of S&P’s cap reporting. Next week we get 15% of cap w/ AAPL & AMZN post close on 8/3 as highlights (below we preview these two courtesy of Goldman's TMT trading team).
