S&P 500 Earnings: Nothing Much This Week, But Don't Ignore Non-Correlated

Summary

• How did Q1 ’25 perform in terms of expectations vs. actual? Pretty solid actually. From the “expected EPS growth” low point for Q1 ’25, the actual growth almost doubled by the end of June ’25.
• You wouldn’t think the S&P 500, the Nasdaq Composite, and the Nasdaq 100 would have made all-time highs last week if tariff or stagflation, or whatever else the Fed is worried about, were sitting under the surface.
• If you are looking for “uncorrelated” or “non-correlated” stocks or asset classes, don’t forget the small and mid-cap (SMID) space.

Trevor Williams

Here’s the updated spreadsheet with LSEG data showing the progression of earnings and revenue growth for expected Q2 and Q3 ’25.

Frankly, all investors care about is “actual” Q2 ’25 EPS results which start the week beginning July 14th, and what the