S&P 500 companies are on track for a 13.4% earnings growth rate in Q3, with 83% reporting positive surprises. Revenue growth, especially in Health Care, Financials, and Consumer Discretionary sectors, is at its highest in three years, led by companies like Cardinal Health, Morgan Stanley, and Amazon.

Earnings growth has slowed for tech giants like Apple and Microsoft, as the “Magnificent Seven” companies, including Nvidia, reported an 18.4% growth rate for Q3, the lowest since Q1 2023. Meta Platforms’ negative EPS surprise impacted growth, but key players like Nvidia, Alphabet, and Microsoft still contributed to S&P 500 earnings.

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