The S&P 500 is delivering its strongest earnings growth since 2021.

So far, companies are reporting earnings that are 20.7% above expectations, in aggregate.

Almost 2/3rd of the S&P 500 have reported their earnings and 84% of these companies have reported actual EPS that are above estimates, the highest since Q2 2021 when 87% of companies reported +ve EPS surprises.

The Kicker: companies are beating EPS expectations by 20.7%, above the 5-year average of 7.3%, above the 10-year average of 7.1% and the most since Q1 2021 (EPS surprise was 22.2% in that quarter)

The Caveat: The strong EPS performance is due to a few megacap names. GOOG, AMZN and META were strong contributors accounting for 71% of the dollar-level increase in EPS.

No Fear Of Oil: Analysts are continuing to brush off concerns about higher oil prices from the War and are raising their EPS expectations for Q2. Aggregate Q2 EPS estimates increased by 2.1% (from $78.84 to $80.47 per share) over the last month.