"The S&P 2": Micron And Nvidia Alone Will Deliver A Third Of Q3 Earnings Growth As Median Stock Barely Grows

Q3 earnings season kicks off next week, and on paper it looks spectacular: consensus expects S&P 500 EPS growth of 27% year/year, which according to Goldman is the highest growth rate heading into any reporting season since 2021. Under the hood, however, it looks a lot less like an earnings boom and a lot more like an earnings oligopoly. 

Here is how Goldman's Ben Snider put it in the bank's latest US Weekly Kickstart, "Q3 2026 earnings season preview" (available to pro subs):

Ten Stocks, Two-Thirds Of The Growth