Standard & Poor’s – With 89% of companies reporting, 2Q profits are lapping YOY at 15.9% with revenue Up 6.9% vs. 2022 2Q.

According to data released by S&P Global on their indices, 2Q earnings season is largely over with the S&P 500 having released nearly 89% of financial data, which can be found here.

Thus far, profits are up a surprising 15.9% and revenues up 6.9% vs. the same quarter in 2022. Sequentially profits are not up nearly as much but still an improvement at 2.3%.

While clearly risks remain that could sway the sentiment of middle-of-the-road investors, the strong economic data flowing in could entice them to become constructive again on equities. Current projections show 3Q GDP to be far higher than any in the past 2 years. If these forecasts come to fruition, it would be a promising recovery from depressed earnings last year.