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Editor's Note: The chart and excerpt below are from this morning's Early Look written by U.S. Macro Analyst Christian Drake. Click here for info on how you can become a subscriber. 

...With ~91% of SPX constituent companies having reported earnings for 2Q, the results have been less than inspiring – particularly for a private sector economy purportedly  in position for an escape-velocity handoff from the Fed.   

...As can be seen in the Chart of the Day below, lackluster beat-miss trends have not been buttressed by positive operating performance which has, once again, been underwhelming with just 38% and 43% of companies registering sequential acceleration in sales and earnings growth, respectively.  

CHART OF THE DAY: A Less Than Stellar 2Q Earnings Scorecard - z CoD 2