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S&P 500 earnings per share continue to beat expectations. Q3 earnings per share are on track to rise to a new record high. They are driving the S&P 500 stock price index to new record highs. The Magnificent-7 are leading the way higher on both fronts. As a result, the S&P 500 market-weight index continues to outperform the equal-weight index (chart).
On Friday, Amazon provided the latest amazing earnings report from the Magnificent-7. Amazon shares jumped 9.6% after the online retail giant reported that AWS, its cloud computing unit, saw revenue increase 20% in Q3. CEO Andy Jassy said that AWS is "growing at a pace we haven't seen since 2022" and that AI and core infrastructure are experiencing "strong" demand.
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