The S&P 500 ($SPX) is reporting a year-over-year earnings growth of 11.5% for Q2 2024, surpassing the initial estimate of 8.9% as of June 30. Revenue growth for the same period was 5.3%, also exceeding the estimate of 4.7%. Excluding financials and energy sectors, the earnings per share (EPS) growth was 11.3%. A total of 377 S&P 500 companies, representing 80% of the index's EPS, have reported results, with 71% beating EPS estimates, 55% exceeding sales estimates, and 45% surpassing both. Companies that outperformed on both sales and EPS saw a 1.8 percentage point increase in their stock price the next day, the strongest performance since Q4 2018. The forward 12-month P/E ratio for the S&P 500 stands at 20.7, above the 5-year average of 19.3 and the 10-year average of 17.9. The trailing 12-month P/E ratio is 25.9, higher than the 5-year average of 23.5 and the 10-year average of 21.5. The current growth rate for the quarter is the highest year-over-year growth since Q4 2021. Boston Properties CEO noted that after remaining flat for all of 2023, S&P 500 earnings growth was 6.6% in Q1 24 and is expected to be around 9% for Q2 24.