The first full week of third-quarter earnings reports showed results for the quarter running at a better pace than previously expected. As last week ended, the growth rate for third-quarter S&P 500 earnings was 32.7% versus the 27.5% expected at the end of the quarter, with revenues growing 15.3%
Of the roughly 25% of S&P 500 companies that have reported earnings so far, 84% topped consensus earnings
expectations and 75% surpassed sales expectations. Earnings have exceeded expectations by nearly 13.5%
compared to the nearly 16.5% in the second quarter and nearly 22.5% in the first quarter, but this still is better than
the 8.4% five-year average. The 2021 S&P 500 earnings estimate increased $1.07 to $202.21. The 2022 estimate
increased 51 cents to $218.51.