Goldman Sachs strategists noted that the proportion of US companies beating earnings expectations in Q3 ranks among the highest on record.

A team led by David Kostin stated, "In our 25 years of data tracking, only during the 2020-2021 pandemic reopening period have we seen such a high frequency of earnings surprises."

Among the S&P 500 companies that have reported results, 64% exceeded consensus earnings per share (EPS) estimates by at least one standard deviation.

Both sales growth and profit margins contributed to the earnings outperformance.

However, stocks that beat expectations saw smaller price gains than usual.

Despite the stronger-than-expected Q3 earnings so far, the S&P 500's EPS growth rate of 8% remains below Q2's 11%.

Corporate guidance provided thus far indicates continued optimism about near-term prospects.

US mega-cap companies continue to exceed expectations in their investments in artificial intelligence.