US Earnings Recap. Earnings season continued, and 82 companies in the S&P 500 reported earnings last week, where 85% of the companies beat estimates. However, only 58% of the companies traded higher since expectations were high entering the week (especially in the technology sector). Microsoft was the largest company to report earnings and traded lower despite a revenue (+4%), and earnings (+7%) beat as expectations were high. Some parts of the results were not as strong as expected. The company's Azure cloud business revenue growth slowed from 59% to 47%, and margins were slightly weaker than expected.