CITIC Securities: S&P 500 Q3 Earnings Growth Broadens Beyond Big Tech

The notable claim here is breadth, not the headline growth rate: four sectors clearing 50% earnings growth would mark a genuine rotation in where index profits come from, which matters for anyone tracking concentration risk in US equity exposure. The caveat is that these are consensus estimates, not reported results, and both revenue and earnings growth are projected to decelerate from the prior quarter — so the broadening is happening against a slowing backdrop. Whether the sector-level dispersion survives actual reporting, and whether the tech-led share of index earnings meaningfully compresses, is the open question.