US CORPORATE EARNINGS SURGE ON AI SPENDING, TARIFF REFUNDS; OUTLOOKS RAISED

Major U.S. corporations across various sectors are reporting soaring profits and raising their financial forecasts for the year. S&P 500 per-share earnings jumped 53% in the second quarter, driven by a confluence of factors including heavy AI investment, federal spending, and significant tariff refunds. Retailer Abercrombie & Fitch cited an expected $120 million in tariff refunds as a key reason for lifting its full-year estimates.