According to Jinshi Data, analyst Sagarika Jaisinghani pointed out that the difficult summer of the US stock market has overshadowed the best-received earnings season for US companies in many years. The median reaction of companies in the S&P 500 index that exceeded earnings expectations on the day of the earnings report was 1.7% higher than the benchmark index, which was the widest gap recorded since 2019, while the median reaction of stocks that failed to meet expectations lagged behind the index by only 1.1%, which was one of the narrowest ranges during the same period.

The index's second-quarter profits rose 13%, still beating expectations overall, the biggest gain since the fourth quarter of 2021. However, the index did not reap the rewards of a strong earnings season as the stock market focused on concerns about overvalued tech companies and worries that the Federal Reserve is not cutting interest rates fast enough to stop the economic slide.