Goldman Sachs: S&P 500 Index constituent companies' revenue growth hits a five-year high.

Goldman Sachs stated that excluding the energy sector, the revenue of S&P 500 companies in the second quarter grew by 6.4% year-on-year, marking the fastest growth rate in five years. Large tech companies became the main drivers of growth; excluding the tech sector, the median revenue of S&P 500 companies only increased by 3%. Corporate profits surged nearly 50% year-on-year, partially due to tech companies raising valuations for private investments. At the same time, companies received over $100 billion in tariff refunds, and this unexpected windfall was used for marketing, alleviating cost pressures, and reducing product prices.