Goldman Sachs report: S&P 500 earnings growth offsets valuation concerns

A Goldman Sachs market intelligence report highlights that S&P 500 median earnings per share grew by 14% in the second quarter, suggesting that earnings recovery is broadening beyond AI infrastructure. While macroeconomic uncertainty persists regarding potential interest rate hikes and inflation, the market is currently driven by fundamental earnings growth rather than valuation expansion. Bitcoin rose 25% in August, outperforming traditional assets.