While reported earnings this quarter have been in line with the prior four years average, revenues have been falling. As FACTSET noted:
“…only 44% of S&P 500 companies have reported revenues above the mean estimate to date. This percentage is below the average of 57% over the past four years. As a result, the revenue growth rate has declined to -0.6% today from 0.4% at the end of March and 0.9% at the start of the quarter. If the final revenue growth rate for the quarter is -0.6%, it will mark the second time in the past three quarters that the S&P 500 will have reported an aggregate year-over-year decline in revenues.
Full report from FACTSET at…
Monday, the S&P 500 was up 0.7% to 1,594 (rounded). That's a new high for the S&P 500.