ILCB - Killer Earnings Fading Exuberance

• With about 90 percent of all S&P 500 companies having reported, the blended growth rate - comprising the actual reported numbers along with analysts’ estimates for the remaining 10 percent - is a stonking 91 percent.
• A big part of that figure comes from the basis of comparison being the lockdown period of Q2 2020. But even so, the results far outperformed expectations.
• And yet, for all those stellar earnings beats, the response from the market has been little more than a yawn. It seems that the Q2 earnings season got dragged into the emerging “peak growth” narrative that has settled into mainstream thinking.

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