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The 5 biggest takeaways from earnings season, according to a Wall Street chief stock strategist

The 5 biggest takeaways from earnings season, according to a Wall Street chief stock strategist
Timothy Clary/AFP/Getty Images



With two-thirds of S&P 500 quarterly reports released, a team of RBC Capital Markets analysts scoured data and transcripts to judge what's in store for the stock market.




The quarter ended in June saw the coronavirus wane, reopenings begin, and outbreaks rebound. While some sectors thrived on uncertainty and defensive allocations, others delayed hopes for recovery.




Here are the five takeaways RBC found from companies' second-quarter reports, from mixed corporate forecasts to unappreciated small-cap stories.




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Roughly two-thirds of S&P 500 companies have reported their second-quarter figures, and RBC Capital Markets found several lessons to learn from the unprecedented earnings season.
The quarter ended in June saw the US initially curb the coronavirus's spread, start reopening efforts, and subsequently fall into a second wave of infections. Companies that projected strong rebounds after the first half of 2020 pushed their forecasts back. Where some companies struggled to keep investors happy, others surged higher by blowing Wall Street's expectations out of the water.
The team of analysts led by Lori Calvasina, head of US equity strategy at RBC, scoured quarterly reports, earnings calls, estimate changes, and price reactions to better understand the pandemic-rattled market. Detailed below are the five takeaways RBC found from firms' second-quarter earnings.
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