The S&P 500 beat rate looks strong, but the beats are shallow. FactSet had 84% of early Q3 reporters topping EPS vs 78% and 77% five-year/10-year benchmarks, yet aggregate upside was just 2.6% vs 7.5%

What happened: FactSet put S&P 500 third-quarter earnings growth at 29% on Oct. 16, down from 29.4% a week earlier, with 84% of early reporters beating EPS estimates but aggregate upside of just 2.6%. Key numbers: 29% blended Q3 growth estimate, down from 29.4%. 9% of index members had reported. Why it matters: The gap between the high beat rate and the modest surprise margin shows many companies topped forecasts by small amounts. FactSet said the 29% estimate would mark a third consecutive quarter above 25% growth and an eighth straight quarter of double-digit growth.

S&P 500 earnings beat rate exceeds historical averages, though surprise margins lag.

S&P 500 earnings beat rate exceeds historical averages, though surprise margins lag. — impact context not separately stored; see What changed.