Bank of America (BofA) and Goldman Sachs (GS) have provided insights into the current earnings season. BofA reports that 21% of companies have reported earnings so far, with a 5% EPS beat, led by the Financials sector. Additionally, 74% of companies beat on EPS, 60% on sales, and 51% on both, surpassing historical averages. The Corporate Sentiment Indicator has reached a record high, and mentions of weak demand have fallen to a two-year low. Goldman Sachs forecasts a 14% EPS growth for the S&P 500 next year. However, the growth is heavily skewed by the 'Magnificent 7' companies, which are expected to grow their earnings by 18.1% year-over-year in Q3 2024, while the other 493 companies show no growth. Analysts expect double-digit earnings growth for these 493 companies from Q4 2024 through Q4 2025. Realized earnings reactions have topped implied reactions this season, and GS notes their forecast would be 4 pp greater without the current high market concentration.