【Goldman Sachs: S&P 500 Earnings Exceed Expectations, Corporate Tariff Responses and Weak Dollar Boost】 According to Golden Financial, Goldman Sachs strategists stated that the earnings of S&P 500 constituent companies have far exceeded expectations in this earnings season. This is due to their ability to find ways to mitigate the impact of tariffs and benefit from the weakening dollar. As the second quarter earnings season comes to a close, the overall year-over-year earnings per share of S&P 500 companies have grown by 11%, far above the market consensus expectation of 4%. 'This quarter has seen one of the most frequent occurrences of earnings exceeding expectations in history,' wrote Goldman Sachs' Chief U.S. Equity Strategist David Kostin in the report. U.S. companies have performed better than expected in terms of profit margins when facing tariffs, as they are able to negotiate with suppliers, adjust their supply chains, cut costs, and pass price increases on to consumers. Additionally, analysts had significantly lowered profit expectations in the spring due to Trump's tariffs, making it easier for companies to achieve 'exceeding expectations' against a low base. Goldman Sachs strategists stated that the weakening dollar has also driven faster sales growth in the second quarter.
