According to data compiled by FactSet, of the 21.4 percent of S&P 500 companies that have reported, 80.6 percent have exceeded analyst expectations for second-quarter earnings. Furthermore, 74.1 percent of those companies beat revenue estimates.

“My expectations for earnings were pretty high coming into this season, and so far they are coming in as strong as we and a lot of people expected,” said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. “My biggest concern is if companies start guiding down because of tariffs. That’s going to cause them to sell off.”

With regard to tariffs, the markets turned the other cheek, preferring to focus on corporate earnings. Even when U.S. President Donald Trump took to Twitter to express his approval for tariffs, the markets didn’t blink.

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