Now that first quarter earnings season is in the rear view mirror, we're coming up on the second quarter reporting period. Below we highlight the estimated year over year change in 2nd quarter earnings for the S&P 500 and its ten sectors. As shown, the S&P 500 as a whole is expected to see earnings decline 34.7% in Q2 '09 versus Q2 '08. Materials is expected to see the biggest decline in earnings followed by Energy. The first and second quarters of 2008 were great for these two sectors since the commodities boom was still strong, so they both have high comparable numbers to work off of. Technology is expected to see earnings decline by 27.5%, which isn't good, but it's better than the market as a whole. Just two sectors are expected to see earnings growth in Q2 '09 -- Health Care and Consumer Staples.
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