The second quarter earnings season starts today, with Alcoa checking in after the close. According to S&P Capital IQ, we are expecting an improvement in Q2 earnings for S&P 500 components over the first quarter:
Q1: 3.4 percent
Q2 (est).: 6.6 percent
Q3 (est): 8.8 percent
The Q2 projection is a pretty hefty number. It's typical for the final number to beat by two or three percentage points, so it's possible we could see earnings growth of 8 percent or more.