Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTThomas Hughes, MarketBeatTue, September 8, 2026 at 7:15 PM GMT+2 5 min readKey PointsInterested in SPDR S&P 500 ETF Trust? Here are five stocks we like better.Q3 earnings season, starting in October, is expected to again beat a lowball consensus of 28.5% growth after Q1 and Q2 results far exceeded estimates.Energy and technology sectors, fueled by high oil prices and AI-related spending from companies like NVIDIA and AMD, are driving much of the earnings outperformance.Analysts may be underestimating 2027 earnings growth, with the S&P 500 potentially advancing to 8,500 or higher, though falling oil prices pose a key risk.Q3 earnings reporting, which kicks off in October, looks set to be another solid season for the market. While factors including geopolitics, oil, inflation, and the FOMC point to volatility, earnings trends and seasonal trends suggest a robust rally will follow.Seasonally, Q4 is typically the strongest of the year, often starting off slow and then ending with a bang, usually capped off by a Santa Claus Rally. This year, the stage is set for significant outperformance and an affirmation of next year's results that may lead to a substantial market reset.→ 3 Under-the-Radar Defense Stocks With Record BacklogsThe S&P 500 historically outperforms its consensus estimates, but outperformance tends to run in the low-single-digit range. Today's narrative is that Q1 and Q2 results were so far above consensus that they revealed a major market disconnect. Q1 results outperformed consensus by 1,750 bps versus the low set just ahead of peak season, topping out at just over 28.5% average earnings per share (EPS) growth, while Q2 results reflected acceleration, outperforming by 2,750 bps from the low to the high and peaking above 47%. With this in play, the Q3 consensus of 28.5% growth is a lowball estimate, likely to be surpassed and compounded by healthy guidance.SPX price chart with moving averages, MACD and stochastic indicators, and a note on earnings trends supporting higher prices.→