Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeInvestorMorgan Stanley sees tech earnings eclipsing Iran war for stocksEarnings revisions for the S&P 500 have moved higher across multiple time horizons over the past monthAuthor of the article:Last updated May 04, 2026 You can save this article by registering for free here. Or sign-in if you have an account.Traders work on the floor of the New York Stock Exchange during morning trading on May 01, 2026 in New York City. Photo by Michael M. Santiago/Getty ImagesStrong U.S. corporate earnings led by a buoyant tech sector are overshadowing fears that the Middle East conflict could weigh on stocks, according to strategists at Morgan Stanley.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorEarnings revisions for the S&P 500 have moved higher across multiple time horizons over the past month, the team led by Michael Wilson wrote in a note. Second-quarter estimates are up two per cent and forecasts for calendar 2026 and the next 12 months have risen three per cent and four per cent, respectively.The first-quarter reporting season has delivered robust results, with the median S&P 500 company posting an earnings-per-share upside surprise of six per cent. That’s the strongest in four years, the strategists said.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againHyperscalers and semiconductor companies have been been “major contributors to this durability,” Wilson said, as they benefited from accelerating cloud demand and solid order backlogs. “The strength is not limited to these cohorts,” however, as upward revisions have also picked up across financials, industrials and consumer cyclicals, signaling a more durable expansion in profit growth.The impact of the Iran war is expected to remain uneven rather than systemic, with cost pressures affecting companies on a case-by-case basis rather than weighing on entire sectors, Wilson said. Energy companies, meanwhile, are a tailwind for overall earnings as higher oil prices boost their profit growth.Despite resilient earnings and U.S. stocks at all-time highs, concentration risks remain a headache for investors, with seven stocks having generated around 80 per cent of S&P 500 returns since the start of the year.Still, Goldman Sachs Group Inc. strategists led by Ben Snider said the spending boom on AI infrastructure is showing no signs of slowing, with analysts having further ramped up their estimates for hyperscaler spending since the start of earnings season.“The surge in spending estimates is driving a similar rise in earnings estimates for AI infrastructure companies, helping lift the earnings outlook for the broad market and skewing risks to our S&P 500 EPS estimates to the upside,” Snider and his colleagues wrote. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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