Including all of Friday's releases, we now have Q2 results from 217 S&P 500 members that combined account for 54.1% of the index’s total market capitalization. Total earnings for these 217 companies are up +21.8% from the same period last year on +8.8% higher revenues, with 81.6% beating EPS estimates and 72.8% beating revenue estimates. The proportion of these 217 companies beating both EPS and revenue estimates is 63.1%.

The comparison charts below put these results in a historical context

With respect to the Tech sector results, the Facebook (FB) miss is dominating headlines, but overall results for the space have been very positive and reassuring. We will have a fuller view of the sector’s earnings after Apple (AAPL) reports results next week, but the results thus far are showing plenty of growth momentum.