S&P 500 EPS estimated to increase 33%... Q3 at the same level as Q2

S&P 500 companies' third-quarter EPS is estimated to have risen about 33% year-over-year, matching the second-quarter growth rate, according to a Goldman Sachs "US Weekly Kickstart" report dated October 30 cited in a TechFlowPost analysis. Goldman's tally showed 70% of S&P 500 constituents have beaten expectations since earnings season began, representing 50% of the index's market capitalization. Over the same period the S&P 500 fell 3%, while an index excluding AI-related stocks rose 5%, a divergence between the benchmark's decline and broad constituent gains. The analysis did not disclose the criteria used to classify AI-related stocks or the methodology behind the ex-AI index return. The results matter because they suggest earnings breadth beyond AI leaders is supporting the market even as the headline index weakens; next, watch whether that breadth persists through the remainder of the reporting season.