By: Jeffrey Buchbinder, CFA, Equity Strategist, LPL Financial & Ryan Detrick, CMT, Chief Market Strategist, LPL Financial
It’s embarrasing to admit this but in our earnings season preview on April 12, when the consensus estimate reflected a nearly 24% increase, we wrote that S&P 500 Index earnings growth for the first quarter could potentially exceed 30%. Fast forward to today and earnings growth for the quarter is on pace to double—yes, double—that 24% growth rate, which would mark one of the biggest upside surprises ever recorded. Here we look at how corporate America produced such a blowout earnings season and what it could mean for the outlook.
Read the full commentary here: weekly-market-commentary-051021