Goldman Sachs' David Kostin: "S&P 500 2Q EPS fell 4% year/year, better than the 9% decline expected at the start of earnings season. Revenues grew 1% but were offset by 92 bp of margin contraction. Consumer Discretionary posted the strongest earnings growth (+31%) while Energy profits fell the most (-51%). Excluding Energy, S&P 500 EPS growth and margins have sequentially improved since 4Q 2022. We reiterate our above-consensus 2023 EPS forecast of $224 (1% growth) and our 2024 EPS forecast of $237 (5% growth). Energy explains most of the difference in 2023 EPS. Our forecast reflects a less pessimistic view on the oil market. Sustained high oil prices could lead to upward revisions to consensus EPS."