Bloomberg Surveillance · Tuesday, August 4, 2026
Earnings for the S&P 500 have been solid, with approximately two-thirds of companies reporting. A significant portion of this growth is attributed to revenue increases and expanding margins, with Amazon and Google's paper gains contributing notably. However, the rest of the market is still seeing impressive earnings growth.
“Well, of course it's solid enough. We're trying looking at forty seven point struss real it's not real, right, So about twenty percentage points of that is coming from the paper gains from Amazon and Google. And that sets up for a very interesting dynamic as we get into twenty seven because it's unlikely.”
“But you still have the rest of the market growing at twenty eight point eight percent earnings growth, which is absolutely incredible, incredible given the fact that it's not as if we're coming out of an earnings recession the last couple of years. We're strong too.”
“Well, it was eight percent. Remember, revenue is nominal. So they benefit from this world where prices are still going up. And the other dynamic that's happening is that, yes, margins are expanding. They're up about three hundred basis points on a net income margin overall for the S and P five hundred.”