Zacks Earnings Trends Highlights: Nvidia, Micron and Alphabet

This Zacks earnings-trends update is broadly supportive for U.S. equities, especially technology. It says Q2 S&P 500 earnings grew 40.9% year over year on 14.5% revenue growth, with strong beat rates of 83.8% for EPS and 76.9% for revenue across 463 reporting companies. The report notes results are well above 20-quarter averages and that excluding Micron and Alphabet still leaves earnings growth at 21.5%. In tech, Nvidia, Micron and Alphabet are highlighted as the main drivers of the sector’s outsized 95.2% earnings growth; without them, tech earnings growth falls to 33.7%. The article also says full-year 2026 estimates have risen for 10 of 16 Zacks sectors since early March, indicating improving analyst sentiment and reinforcing a constructive market backdrop, particularly for large-cap tech.