80% of the way Q2 earnings season…

…and it kind of is not great.

A little factoid worth passing on (via Barron’s):

Through Friday morning, 406 companies in the S&P 500 had reported second quarter earnings results, S&P Capital IQ tells us. Of those, 261 have beaten expectations, 93 have missed and 52 have matched.

And then also this (via Bespoke):

While we’ve seen a ton of reports over the last week, the overall percentage of companies that have beaten both earnings and revenue estimates has stayed the same.  As shown below, the earnings beat rate currently stands at 59.9%, which is just a tenth of a percent below where it was a week ago.  The revenue beat rate is currently at 48.2%, which is a tenth of a percent above where it was a week ago.

The earnings beat rate has been right around 60% for six consecutive quarters now.  The revenue beat rate, however, is well below its historically average this earnings season.

So, what else is going on?