The S&P 500 futures (ES1) are reflecting robust earnings performance as the fourth-quarter reporting season progresses, according to a recent BofA Global Research report. With 59% of expected aggregate Q4 earnings reported, U.S. investment-grade issuers have shown a +14.2% y/y earnings growth, excluding Energy and Finance sectors. Notably, earnings have exceeded expectations by +5.5%, surpassing the +2.5% surprise in Q3 and the +3.7% pre-Covid average. "The results reported have been strong so far," BofA analysts highlight, with Technology, Banks, and Health Care sectors leading the charge. Revenue surprises also came in at +0.9%, higher than the previous quarter's +0.7%. As the earnings season peaks, these positive surprises underscore the resilience of U.S. corporates amid a challenging economic landscape.