The latest earnings season is under way and technology and bank companies are expected to report strong quarterly results, according to strategists at Credit Suisse.
Excluding tax benefits, second-quarter earnings for companies in the S&P 500 technology sector are forecast to have risen by 19.9 percent, the bank found. Profits in financials, meanwhile, are expected to have grown by 10.8 percent.
Including tax benefits, tech and financial companies are expected to grow profits by 23.2 percent and 22.5 percent, respectively. This would be a deceleration from the first quarter, however. Earnings in tech and financials grew by 33.97 percent and 26.89 percent, respectively, in the first quarter.