Energy Sector Drags as Oil Prices Weigh on Profits

We are still in the early innings of the ongoing earnings season, with only a third of S&P 500 companies having returned their second quarter scorecards. According to FactSet, blended earnings growth rate for the S&P 500 is clocking in at 6.4% Y/Y, the lowest clip in six quarters. The pivotal energy sector is, once again, expected to deliver lackluster earnings, with the sector expected to post the lowest profit growth amongst the United States’ 11 market sectors at -24%. Lower oil prices are mainly to blame for the subpar earnings,…