The Main Points
- About 85% of the roughly 300 S&P 500 companies that have reported so far have beaten earnings estimates, according to FactSet data.
- Aggregate corporate profits for S&P 500 companies are tracking to grow more than 47% for the quarter.
- RBC Capital Markets reiterated an 8,150 price target for the S&P 500, arguing recent market choppiness has created buying opportunities.
- A packed week of earnings is still ahead, including Disney, AMD, Palantir, Caterpillar, McDonald's, Costco, and Pfizer.
- Analysts note that seasonality remains a headwind, with August and September historically the weakest months for stocks.