Earnings: Tech Less Strong Than Normal

With a little less than 60% of the SPX on the tape, Jefferies analysis shows a few interesting takes: 1) the beat rate is still high vs. historical levels despite the ongoing labor/supply chain issues; 2) tech is dragging up the overall beat rate by less than it has been over the past 10 Qs and 3) some of the strongest beat rates are coming out of the more cyclical sectors, including industrials, financials and materials.