Early Q2 earnings reports show 88% of S&P 500 companies surpassing estimates, exceeding the 76% historical average.
Early Q2 earnings reports from S&P 500 companies reveal 88% have beaten estimates, surpassing the 76% historical average and driving Tuesday’s market rally. The strong performance contributed to gains across major indices, including the Nasdaq and Dow Jones.
The S&P 500 closed 0.89% higher at 7,509, ending a three-day losing streak, while the Nasdaq rose 1.29% to 25,837. The Dow Jones Industrial Average gained 0.74%, closing at 52,224. Chip stocks and robust earnings reports fueled the rebound despite higher oil prices.
Futures traded lower midweek following the rally, though analysts noted broad market strength. CoreWeave received a $126 price target upgrade to Buy at Truist, while Coinbase surged 11% on regulatory clarity news.