As the Q2 2024 earnings season concludes, 93% of S&P 500 companies have reported results, with 81% exceeding earnings estimates and a median beat of 5%. Notably, 9 of 11 sectors in the S&P 500 are experiencing year-over-year earnings growth. Goldman Sachs highlighted that 56% of S&P 500 companies surpassed consensus expectations, significantly above the long-term average of 48%. Analysts from Evercore noted that earnings growth and upward revisions have been broad-based, with year-over-year EPS growth expanding from the Magnificent Seven to the broader S&P 493 for the first time in five quarters. Despite concerns about the U.S. consumer and election-related uncertainties impacting capital expenditures, Goldman Sachs asserts that fears of a recession are exaggerated based on the latest earnings results, indicating a strong consumer sentiment.