US earnings momentum is broadening beyond the Magnificent 7, with S&P 500 CY27 EPS estimates rising nearly 22% year-on-year. Stronger revenue growth, margin expansion and upgrades across sectors suggest the next market phase could feature wider earnings participation.

The index is on track for its strongest earnings growth in years—but Alphabet and Amazon are doing much of the heavy lifting.

US earnings momentum is broadening beyond the Magnificent 7, with S&P 500 CY27 EPS estimates rising nearly 22% year-on-year. Stronger revenue growth, margin expansion and upgrades…