S&P 500 Q2 Earnings Preview Flags 21.2% Growth With Macro Risks

Analysts preview a constructive 2026 Q2 earnings season for the S&P 500, forecasting 21.2% EPS growth on 10.8% higher revenues with modestly positive estimate revisions. Early reporters Oracle and Adobe are in focus for AI-related spending trends, while Energy and Tech lead upward revisions. The backdrop remains sensitive to upcoming macro data including a core CPI print expected at +2.8% YoY and geopolitical tensions in the Strait of Hormuz that could sway Fed expectations ahead of the mid-July bank reporting wave.