US Weekly Kickstart

This report previews the Q2 2026 S&P 500 earnings season, forecasting 22% year-over-year EPS growth driven largely by AI infrastructure spending. Investors are advised to monitor the impact of rising energy costs and hyperscaler capex ROI as key determinants for market volatility.

Key Takeaways

• 1.S&P 500 earnings growth is projected at 22% for Q2 2026, with AI infrastructure stocks expected to contribute nearly 60% of the growth.
• 2.Financials begin reporting Q2 earnings the week of July 13th, with 75% of market cap expected to report by early August.
• 3.Rising energy prices represent a key macro shift for Q2 results, serving as an earnings tailwind for Energy and a headwind for Consumer sectors.

Table of Contents

• S&P 500 Q2 2026 earnings season preview
• S&P 500 earnings and return forecasts
• Biggest stock moves this week
• YTD absolute and risk-adjusted returns
• Sentiment and flows
• Economic growth
• Interest rates and financial conditions
• Market breadth and concentration
• Correlation and volatility
• IPO Barometer and mutual fund performance
• Earnings growth
• Valuations
• Sector returns, earnings, and valuations
• Thematic baskets
• Factors
• Goldman Sachs global macro research cross-asset forecasts

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