According to a Bank of America survey, most analysts expect that after excluding one-time gains from Google (GOOGL) and Amazon (AMZN), the year-over-year growth in earnings per share (EPS) for S&P 500 index constituents in the third quarter will be 27%, slightly slowing from 32% in the second quarter. If the energy and technology sectors, as well as the 'Magnificent Seven' of U.S. stocks, are excluded, the median year-over-year EPS growth rate for the remaining stocks is expected to decline from 12% in the second quarter to 7% in the third quarter. This indicates that while overall earnings for the S&P 500 remain robust, the earnings growth rate for ordinary listed companies is slowing once the primary growth drivers are excluded. (The diamond markers in the chart represent the market consensus forecast for the third quarter of 2026.)