The implied earnings-per-share growth for the tech sector has been 5.4 percentage points above the S&P 500 on average over the past 10 years, but it is now just 1.0 percentage point above the benchmark index, according to the Goldman Sachs note.
While the Dow Jones Industrial Average and the S&P 500 have hit record highs recently, the tech-heavy Nasdaq is still more than 700 points away from its all-time intraday high on March 10, 2000, suggesting to some investors that the sector may have more room to the upside.
The tech sector's earnings are "going to certainly be important because the market started to gain momentum as economic data got better," said Quincy Krosby, market strategist at Prudential Financial, which is based in Newark, New Jersey.
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"We want to hear good solid numbers and if we get that from tech names, it will help."
Nine of the 13 sub-industries in the tech sector are expected to report higher earnings than a year ago, with semiconductors and semiconductor equipment having the highest growth rates within the sector, according to Thomson Reuters data.
The Nasdaq is up 5.7 percent for the year, while the semiconductor index is up 20.3 percent.
Big banks in the spotlight
Among the 10 S&P 500 sectors, financials have the worst earnings forecast with a decline of 3.5 percent from a year ago, according to Thomson Reuters data. Nine of the sector's 21 sub-industries are expected to post a drop in earnings.