This could be a banner earnings season for the S&P 500, according to data from S&P Capital IQ. The company forecasts second-quarter earnings will grow at least 6.2 percent on a year-over-year basis. The increase would boost S&P 500 operating earnings per share for the trailing 12 months to an all-time high of $123.61 a share.
The most favorable sector? Wall Street consensus is that technology firms in the S&P 500 will report a 10.5 percent increase in earnings from the same period a year earlier. That’s the second-largest earnings growth of the 11 sectors, trailing only the volatile, beaten-down energy sector, where earnings are projected to grow nearly 400 percent.
The expectations for the tech sector are even more remarkable when you consider what it's already done in 2017. Tech is already the best-performing sector in the S&P index this year, up 18 percent.