S&P 500 on pace to drop by nearly 33pc

The earnings reporting season for big U.S companies has nearly wrapped up, with businesses in the S&P 500 on track to report a sharp decline in their profits for the spring, but not as bad as Wall Street expected.

More than 93 percent of the earnings reports are in, and the index is on pace for a roughly 33 percent drop from the previous year.

Target jumped by 12.7 percent for the biggest gain in the S&P 500 after it reported results for the spring that easily beat Wall Street’s expectations.

But TJX, the operator of T.J. Maxx and Marshalls, slumped by 5.4 percent after its results fell short of analysts’ forecasts.-AP