Earnings Outlook Remains Upbeat: A Closer Look

S&P 500 Q3 earnings are projected to increase 23.9% year-over-year on 11.4% higher revenues, with broad-based growth across 14 of 16 sectors. Tech (+41.9%), Energy (+111.8%), and Aerospace (+159.5%) lead growth. However, excluding Tech and Energy contributions, core earnings growth would be only 7.4%, highlighting concentration risk in semiconductors and oil-dependent sectors.