With second quarter earnings season about 3/4 over, it's interesting to note that declines in the Consumer Discretionary sector are now worse than the declines in Financials.
As shown below, year-over-year earnings growth for the Consumer Discretionary sector is currently at -86.7% for the second quarter, compared to -81.7% for Financials. Thank you GM (GM) and Ford (F)! These are the only two sectors seeing negative growth, but they are big enough to put the entire S&P 500 at -20.2%.
Technology has seen the strongest YoY growth at 19.5%, followed by Energy, Health Care and Consumer Staples.
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At the start of earnings season, estimates for the Consumer Discretionary sector were for YoY declines of -19.9%. For the entire S&P 500, actual earnings declines are currently double the expectations on 6/27.
On a positive note, all other sectors except for Energy have actually seen stronger than expected earnings growth this quarter.
