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Technology stocks are beating their earnings expectations like no other sector, according to Bespoke Investment Group.

84.4% of technology earnings reports have trumped forecasts, while just 50% of consumer staples results have outperformed, as shown by the chart from Bespoke below.

Chart

Tech stocks have been reacting nicely to positive earnings surprises as well:

Stocks in the Technology sector are averaging a one-day change of +1.84% in response to their earnings reports. This is unsurprising given that 84% of stocks have beaten estimates in the sector. The Industrial sector's 2nd place rank in terms of report-day performance is unsurprising as well since it has the 3rd highest beat rate. Interestingly, even though the Consumer Staples sector has the lowest beat rate, the stocks have averaged a one-day change of +0.03%, which ranks 3rd out of 10. Telecom, Utilities, and Energy have performed the worst on earnings report days. Consumer Discretionary, Health Care, Financials, and Materials are all averaging one-day declines on their report days as well.

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Source: Tech Stocks Are Crushing Earnings Expectations