Separately, 80% of the companies that reported have beat their estimates and generally guided higher or along the current consensus.
There was a recent study, cited by my hero Matt Levine, that showed a clear correlation between analysts who do CEOs favors (such as lowballing earnings estimates so CEOs can beat them easily) and business thrown their employers’ (investment banks’) way by those CEOs. Mr Market is smart. So I don’t know if that 80% would be unexpected good news.