With nearly all S&P 500 companies reporting second-quarter results (only three companies remaining), revenue grew a tepid 0.5% year-over-year, the lowest rate since the third quarter of 2020. The underlying index's earnings dropped by 2.9% in the latest period.
Energy sector weighs on S&P 500's quarterly results
Excluding the energy sector, the S&P 500's revenue increased by 4.4%, and earnings were up by 3.5%. That's the first time in four quarters that the S&P 500 excluding energy had positive earnings growth.
Aside from energy (28.9% decline in revenue, 47.7% drop in earnings), the materials sector experienced top- and bottom-line drops. Health care and real estate had year-over-year earnings decreases.
Information technology has the largest weight in the index, 28.5%, followed by health care (13.1%), and financials (12.5%).