As of October 30th, 64% of S&P 500 companies exceeded profit estimates, well above the historical average of 49%.

Even so, the market continues to "punish" positive results: companies that beat consensus have, on average, underperformed the index 32 bps the following day, compared to a historical average of +98 bps of outperformance.

In other words: the bar has been set too high, and investors seem to demand more than just good numbers.