Tech and Energy Drive S&P 500 Q2 Earnings Growth Despite Healthcare Slump

Q2 earnings season opens with S&P 500 EPS growth projected at 23.3%, led by technology and energy. Expectations have climbed steadily since early July, with consensus now forecasting the strongest post-pandemic pace of 22-24% growth. Energy estimates jumped 61.5% in recent weeks on higher oil prices and AI-driven power demand, while tech EPS forecasts rose on semiconductor and memory-chip strength. Healthcare is the only sector expected to decline 9.5% year over year. Overlooked cyclicals such as autos and consumer names may deliver upside surprises from tariff refunds and World Cup spending.