Executive Summary: 2Q22 S&P 500 revenues continued their rebound from covid lows, benefitting from price hikes designed to help offset inflationary pressures. Further, 2Q22 margins were in pretty good shape, revealing that large companies have been able to manage their cost structures for now despite inflationary pressures. The energy sector contributed significantly to the results, benefitting from oil supply constraints that are driving much higher oil prices (a primary cause of inflation). Consumer discretionary also positively contributed to results as there was a spending renaissance as consumers tapped their covid savings to live it up. Companies reported that while higher-income consumers have been hanging-in, lower-income consumers were showing signs of stress as they struggle to keep up with inflation. A -16% YTD decline in the S&P 500 Index reflects that investor concerns about recession, aggravated by material Fed rate hikes, outweighed positive 2Q22 financial results.