[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  MacroSpectrum [@MacroSpectrum](/creator/twitter/MacroSpectrum) on x XXX followers Created: 2025-07-20 07:55:41 UTC US S&P XXX Q2CY25 EARNINGS REVIEW: We have released a detailed report on US S&P XXX companies Q2 earnings till date: X. The second quarter earnings season for the S&P XXX is off to a strong start compared to expectations. Both the percentage of S&P XXX companies reporting positive earnings surprises and the magnitude of earnings surprises are above their 10-year averages. X. XX% of the companies in the S&P XXX have reported actual results for Q2 2025 to date. Of these companies, XX% have reported actual EPS above estimates, which is above the 5-year average of XX% and above the 10-year average of 75%. X. In aggregate, companies are reporting earnings that are XXX% above estimates, which is below the 5-year average of XXX% but above the 10-year average of 6.9%. X. In terms of revenues, XX% of S&P XXX companies have reported actual revenues above estimates, which is above the 5- year average of XX% and above the 10-year average of 64%. X. Of the XX companies that have announced results till now for Q2CY25, XX% have reported actual EPS above the mean EPS estimate, X% have reported actual EPS equal to the mean EPS estimate, and XX% have reported actual EPS below the mean EPS estimate. X. Companies are reporting earnings that are XXX% above expectations. This surprise percentage is above the 1-year average (+6.3%), below the 5-year average (+9.1%), and above the 10-year average (+6.9%). X. What does not break finally gets stronger. Investors seem to be looking through tariff hikes and focusing on the outlook for healthy economic and earnings growth in 2026. Consensus earnings revision breadth has recently jumped to the highest level since 2022, and the outperformance of cyclical industries suggests the equity market is pricing an outlook for solid GDP growth despite consensus expectations for sluggish growth in coming quarters. X. Recent dollar weakness should provide a small tailwind to S&P XXX earnings. The trade-weighted US dollar has depreciated by X% YTD and we expect a further X% weakening through year-end. Company 10-K filings indicate that international sales account for XX% of S&P XXX revenues. A XX% decline in the dollar is associated with a boost of roughly 2-3% to S&P XXX EPS, all else equal. X. We now expect a range bound performance of S&P500 for H2CY25 between 5600-6500 with risks evenly balanced. We expect that bouts of policy, macro, monetary and economic uncertainty/volatility will persist. Investors have already contended with the uncertainty posed by Deepseek concerns on AI, a Liberation Day wake up on tariff risks, the Middle East flare up, and the recent budget process. The implication now is for shock effects to be lesser and/or more localized. Generally, our expectation is for policy-related impacts to become more company/sector specific and less-broader index. XXX engagements  **Related Topics** [rating agency](/topic/rating-agency) [$spy](/topic/$spy) [Post Link](https://x.com/MacroSpectrum/status/1946841425376882783)
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MacroSpectrum @MacroSpectrum on x XXX followers
Created: 2025-07-20 07:55:41 UTC
US S&P XXX Q2CY25 EARNINGS REVIEW: We have released a detailed report on US S&P XXX companies Q2 earnings till date:
X. The second quarter earnings season for the S&P XXX is off to a strong start compared to expectations. Both the percentage of S&P XXX companies reporting positive earnings surprises and the magnitude of earnings surprises are above their 10-year averages.
X. XX% of the companies in the S&P XXX have reported actual results for Q2 2025 to date. Of these companies, XX% have reported actual EPS above estimates, which is above the 5-year average of XX% and above the 10-year average of 75%.
X. In aggregate, companies are reporting earnings that are XXX% above estimates, which is below the 5-year average of XXX% but above the 10-year average of 6.9%.
X. In terms of revenues, XX% of S&P XXX companies have reported actual revenues above estimates, which is above the 5- year average of XX% and above the 10-year average of 64%.
X. Of the XX companies that have announced results till now for Q2CY25, XX% have reported actual EPS above the mean EPS estimate, X% have reported actual EPS equal to the mean EPS estimate, and XX% have reported actual EPS below the mean EPS estimate.
X. Companies are reporting earnings that are XXX% above expectations. This surprise percentage is above the 1-year average (+6.3%), below the 5-year average (+9.1%), and above the 10-year average (+6.9%).
X. What does not break finally gets stronger. Investors seem to be looking through tariff hikes and focusing on the outlook for healthy economic and earnings growth in 2026. Consensus earnings revision breadth has recently jumped to the highest level since 2022, and the outperformance of cyclical industries suggests the equity market is pricing an outlook for solid GDP growth despite consensus expectations for sluggish growth in coming quarters.
X. Recent dollar weakness should provide a small tailwind to S&P XXX earnings. The trade-weighted US dollar has depreciated by X% YTD and we expect a further X% weakening through year-end. Company 10-K filings indicate that international sales account for XX% of S&P XXX revenues. A XX% decline in the dollar is associated with a boost of roughly 2-3% to S&P XXX EPS, all else equal.
X. We now expect a range bound performance of S&P500 for H2CY25 between 5600-6500 with risks evenly balanced. We expect that bouts of policy, macro, monetary and economic uncertainty/volatility will persist. Investors have already contended with the uncertainty posed by Deepseek concerns on AI, a Liberation Day wake up on tariff risks, the Middle East flare up, and the recent budget process. The implication now is for shock effects to be lesser and/or more localized. Generally, our expectation is for policy-related impacts to become more company/sector specific and less-broader index.
XXX engagements
Related Topics rating agency $spy