Seemingly defying the Covid-19-fuelled economic recession battering the US, the S&P 500 reached a new high for the year on August 18, despite historic job losses and shrinking corporate profits. So, what does the latest round of earnings announcements tell us about the future of the US equity market?Heading into this earnings season, expectations were low. The consensus was for a 45 per cent year-on-year decline in earnings, with limited corporate guidance as companies were essentially flying…