Weekly Brief

US earnings growth estimates for 2026 have seen unexpected upward revisions of 7% YTD, primarily driven by robust fundamentals in the Technology and Energy sectors.

Key Takeaways

• 1.S&P 500 earnings growth forecasts for 2026 have been revised upwards by 7 percentage points year-to-date, defying the usual downward trend.
• 2.The upward revisions are concentrated in the Technology, Communication Services, and Energy sectors, with Tech alone accounting for 41% of revisions.
• 3.Sentiment remains cautious for consumer-facing sectors, suggesting that analysts are accounting for geopolitical and economic risks rather than being broadly complacent.

Table of Contents

• Thought of the week
• Upward revisions to US earnings appear justified
• The Week Ahead
• Market statistics

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