57 companies in the S&P 500 have reported Q2 earnings. Revenue and earnings are positive so far.

Financials are the winners with gains on both the top and bottom line. Aggregate earnings among financials is down 9% year-on-year, while the total aggregate earnings is down 6%.

According to Saxo Bank's Head of Equity Strategy Peter Garnry the price of 7.5x Forward Earnings is under pressure if earnings are weak. We’ll soon know - 250 companies are reporting this week.