Corporate America is blowing past Wall Street’s expectations for a stellar earnings season, adding to the rosy backdrop thinks a stock market trading near a record high.

Powered by Big Tech, the S&P 500 Index earnings have risen 31% in the second quarter from a year earlier, the best growth outside of recoveries from major recessions in Bloomberg Intelligence data going back to 1992.

The performance also trounces projections for a 23% increase, a reading that itself would’ve ranked among the best outside of rebounds from downturns.

The surge reflects robust profitability across tech giants, cloud services, and consumer staples, signaling investor confidence and a potential rally into the next quarter.

Analysts note that if this trend continues, the market could push beyond current highs, but caution that macro risks and policy shifts may temper enthusiasm. Investors remain watchful for earnings releases and guidance that could confirm or challenge the bullish narrative.