BofA Strategist Sees S&P 500 Q3 Earnings Growth of 32%, Above Consensus

The gap between BofA's 32% and the 27% consensus is the real story: it suggests sell-side estimates may still be lagging unusually strong corporate guidance, a setup that has historically favored beats. The dollar's turn from tailwind to mild headwind matters most for multinationals with heavy overseas revenue, where translation effects could offset operational strength. Whether upward revisions continue through the season, rather than fade after early reporters, is the open question.