Q3 earnings season is outpacing expectations so far, with 92% of S&P 500 firms reporting and EPS growth hitting 13.1%—marking the fourth straight quarter of double-digit gains. Nvidia smashed estimates and remains central to the AI market, dismissing bubble concerns, leading to a rally among chip and tech stocks. Gap beat on earnings with strength in core brands, while Bath & Body Works cut its outlook due to lagging sales. Walmart continues to see steady consumer demand, but notes a growing disparity between income groups. Target and Home Depot issued more cautious guidance as affordability pressures persist. TJX and Lowe’s both exceeded forecasts. Early holiday indicators look solid for retail, but all eyes remain on Nvidia and macro consumer trends to determine if momentum holds.