Earnings Growth Hits Record High as S&P 500 Stocks Soar

The earnings season is in full swing, with several notable companies reporting their quarterly results. Snap's (SNAP) stock surged as the company's World Cup ads boosted revenue. In contrast, Whirlpool reported a decline in its shares.

Palantir (PLTR), SpaceX (SPCX), and AMD (AMD) are among the companies set to release their earnings reports this week. Analysts estimate that the year-over-year S&P 500 (^GSPC) earnings growth rate for the second quarter will be 47.5%, surpassing the five-year average of 16.4% and the 10-year average of 10.3%. This would mark the second consecutive quarter of earnings growth above 20% for the index.

The strong earnings season is expected to continue, with several other companies reporting their results in the coming days. These include SpaceX's first quarterly report as a public company, as well as reports from AMD, Caterpillar (CAT), McDonald's (MCD), Eli Lilly (LLY), and Novo Nordisk (NVO).