According to a post published on the social media platform X by The Kobeissi Letter, the United States may currently be in the midst of the largest technological revolution in its history. As of the latest reported data, 88% of the companies within the S&P 500 index have published their earnings. The index's aggregate corporate profit growth now stands at 50.4% on a year-over-year basis, which is far above the market's previous expectation of 23.1%. This outcome implies that the S&P 500 is set to post its second consecutive quarter of earnings growth exceeding 25%, while also marking the seventh consecutive quarter with double-digit earnings expansion. The Kobeissi Letter further noted that the last time the S&P 500 experienced a similarly strong earnings surge was in the second quarter of 2021. At that time, the U.S. economy was in a post-pandemic recovery phase and benefited from more than $4 trillion in fiscal stimulus.
The Kobeissi Letter said in a post on X that the U.S. may currently be in the midst of the largest technological revolution in its history. That assessment comes as the S&P 500 earnings reporting season passes the 88% mark in terms of companies that have released results. Aggregate earnings for the index are up 50.4% year over year, well above the 23.1% that market analysts had anticipated.
This is set to be the second consecutive quarter in which the S&P 500 delivers earnings growth of more than 25%, and the seventh consecutive quarter of double-digit earnings growth. The Kobeissi Letter noted that the last similarly strong earnings performance occurred in the second quarter of 2021, when the U.S. economy was still recovering from the pandemic and receiving support from more than $4 trillion in fiscal stimulus.
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