NEW YORK — S&P 500 companies largely surpassed profit expectations for the second quarter, with 85 percent of reporting firms beating earnings-per-share estimates, according to Barclays. That beat rate stands well above the long-term average of 76 percent.

Despite the strong results, market reactions were unusual. Barclays said both companies that beat estimates and those that missed recorded negative average stock movements following their announcements — a sign investors had already priced in the good news and demand a higher bar to push shares further.

Revenue growth also showed strength. S&P 500 companies saw revenues rise 11.2 percent year-over-year, with FactSet data showing 80 percent of companies topped revenue expectations. Aggregate revenues came in 3.8 percent above estimates, surpassing the five-year average beat rate of 70 percent and the 10-year average of 68 percent.

Earnings per share jumped 25.1 percent, a gain led primarily by technology companies, driven by continued demand for artificial intelligence and cloud computing.

Several major technology stocks posted strong moves. Meta Platforms rose 6.0 percent to $590.24, Microsoft gained 4.9 percent to $487.65, Alphabet climbed 4.9 percent to $373.51 and Amazon increased 4.6 percent to $284.02. Nvidia traded up 2.9 percent at $206.64. Apple fell 1.8 percent to $303.42.

The broader market indices also gained. The S&P 500 traded up 1.5 percent at 7,601, the Nasdaq Composite rose 2.1 percent to 25,914 and the Dow Jones Industrial Average increased 1.3 percent to 53,178. The Russell 2000 rose 1.7 percent to 2,982.

FactSet data shows the S&P 500 is on pace for its 10th consecutive quarter of earnings growth, with 86 percent of companies exceeding EPS estimates.

Analysts at Barclays and Stifel have both raised their price targets for the S&P 500, reflecting longer-term confidence in equity performance even as individual earnings reports face skeptical reactions. Companies must deliver strong forward guidance to move stocks higher from already elevated valuations.