S&P 500 Earnings on Pace for 50% Growth, Highest Since 2021

TLDR

• Estée Lauder stock jumped 16.29% as its turnaround effort gains traction
• S&P 500 earnings are on pace to rise 50% year over year, the highest rate since 2021
• Chip stocks pulled back again, with the iShares Semiconductor ETF falling 2.9%
• The Treasury Department plans to double long-dated debt buyback operations
• Target posted another earnings beat ahead of Walmart results due Thursday

Estée Lauder shares climbed more than 16% on Wednesday as the beauty company showed progress in its ongoing turnaround. The stock was among the standout movers in a mixed session for markets.

The Estée Lauder Companies Inc., EL

Analog Devices also rose, gaining just under 1% on the day.

Earnings Season Wraps Up Strong

Second quarter earnings for S&P 500 companies are on pace to rise 50% year over year. That would be the highest growth rate since 2021, according to FactSet data.

Bank of America strategists pointed to artificial intelligence as the main driver of that broad growth. AI spending has lifted results across multiple sectors this earnings season.

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