Meanwhile, earnings season has been on fire with 82% of the 330 companies reporting (so far) beating estimates by an average of 806 bps. The expected growth rate has jumped more than 6 percentage points since earnings season started. That is well ahead of the norm. Below we can see the massive bounce in the quarterly dollar estimate.  A $3 EPS gain in only a few weeks! Those blockbuster Q2 earnings results have pushed 2025 earnings growth up to 8.9%, retracing a good chunk of the markdowns during April’s Tariff Tantrum.