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US SECOND-QUARTER EARNINGS FORECAST EDGING HIGHER

The forecast for second-quarter S&P 500 earnings has been inching higher in recent weeks, with a handful of early reports out with mostly upbeat results.

Analysts see second-quarter 2025 earnings growth of 5.9%, according to LSEG data as of Friday. That's up from a forecast of 5.5% at the end of May.

The trend in forecast revisions has been more upbeat, but the estimate is down sharply from the 10.2% second-quarter growth forecast on April 1, based on LSEG data.

Among early reports that have caught investors' attention is Nike's NKE.N.

Nike's shares surged 16% on Friday after its late Thursday forecast for a smaller-than-expected drop in current-quarter revenue and said it would cut its reliance on production in China for the U.S. market to mitigate the impact from U.S. tariffs on imports.

On the flip side, shares of FedEx FDX.N fell earlier this week after the company signaled caution for the year ahead citing uncertainty around U.S. trade tariff policies.

Investors will be anxious to see whether second-quarter results can help stocks hold onto their recent rally, especially with the S&P 500 .SPX and Nasdaq .IXIC hitting intraday record highs on Friday. The indexes had recovered from sharp tariff turmoil-related losses from early April.

Here is the latest on Q2 forecasts, per LSEG:

(Caroline Valetkevitch)

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