Goldman Sachs said that after excluding the energy sector, the second-quarter revenue of S&P 500 components increased 6.4% year-on-year, the fastest growth rate in five years. Large technology companies became the main force of growth; after excluding the technology sector, the median revenue growth of S&P 500 constituent stocks was only 3%. Corporate profits surged nearly 50% year over year, partly due to technology companies raising private investment valuations. At the same time, the company received more than $100 billion in tariff refunds, and this unexpected profit was used for marketing, cost pressure relief, and product price reduction.

Goldman Sachs said that after excluding the energy sector, the second-quarter revenue of S&P 500 components increased 6.4% year-on-year, the fastest growth rate in five years. Large technology companies became the main force of growth; after excluding the technology sector, the median revenue growth of S&P 500 constituent stocks was only 3%. Corporate profits surged nearly 50% year over year, partly due to technology companies raising private investment valuations. At the same time, the company received more than $100 billion in tariff refunds, and this unexpected profit was used for marketing, cost pressure relief, and product price reduction.