Advisors.LeutholdGroup

The S&P 500’s estimated bottom-up operating EPS rebounded 4% to $58.48 in the second month of results (Chart 1). With Q2 reporting essentially complete, EPS is now slightly above where it stood before reporting began. After the sharp dip during the first month of Q2 earnings announcements, we’ve resumed the recent and very positive “no-erosion” trend in aggregate EPS.

The S&P 500’s Q2 bottom-up estimated operating EPS sank 3% to $56.38 in the first month of reporting (Chart 1). This is a notable departure from the 2% rise we saw with the first month of Q1 results. One month is certainly not a trend but the most recent data brings some question into the above-average, no-erosion EPS estimates we have grown accustom to.