The S&P 500 showed strong Q3 earnings, supported by reports from Macy’s, C3.ai, and Salesforce.

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The S&P 500 is tracking for the highest revenue growth rate in three years, driven largely by strong performance from the “Magnificent Seven” tech companies. This reflects continued economic strength despite broader macroeconomic pressures. While revenue is growing rapidly, earnings growth is slowing for the tech giants, due to the negative earnings surprise reported by Meta Platforms ($1.05 vs. $6.72) for Q3. Increased debt for VinFast, a Vietnamese EV company, is being taken on to fuel expansion efforts, a move which could negatively impact its margins.

Gap (GAP) reported strong Q3 earnings (EPS $0.62, Revenue $3.9B) driven by robust same-store sales across its core brands (Gap, Old Navy, Banana Republic) and a raised full-year revenue outlook due to significant growth on the core brands. Athleta’s same-store sales declined, prompting Gap to implement a “reinvigoration playbook” for the brand.

VinFast (VFS) reported a wider third-quarter net loss due to heavy spending to expand its footprint and boost sales. They increased their debt financing. BJ’s Wholesale Club (BJ) beat Q3 earnings estimates ($1.16 EPS, $3.9B Revenue) due to increased membership fee income. They raised full-year profit outlook due to the strength of its membership. Gap (GAP) raised full-year revenue forecast to the high end of its prior forecast due to growth on its core brands.

The strength in core brands demonstrated by Gap’s success highlights the importance of strong performance from these brands to offset potential weaknesses in newer brands. VinFast’s increased debt borrowing indicates a high-risk strategy to gain market share and compete with established EV manufacturers. BJ’s Wholesale Club’s performance suggests that consumer spending remains largely intact, even in a challenging economic environment.