|John Butters – FactSet
Midway Earnings Update
Summary: Through last week, 53% of companies in the S&P 500 had reported earnings. On average, companies have been reporting higher than expected earnings and beating estimates by more than 9%. All 11 major sectors are reporting year-over-year earnings growth and 9 sectors are reporting double-digit growth. Higher earnings and sideways stock price movements have pushed the S&P 500 forward P/E ratio down to 16.3, but the measure remains above the 5 and 10-year average.