The earnings season has begun with mixed results from major U.S. banks. JPMorgan Chase reported a rare bottom line miss, while Goldman Sachs beat expectations and UnitedHealth raised its full-year profit outlook. According to FactSet data, S&P 500 earnings growth is tracking at nearly 30% year-on-year, but this surge is primarily driven by the energy and technology sectors. Profits outside these two sectors slowed to 7% in Q3 from 12% in Q2. This market dependence on high expectations in these sectors presents a risk if those expectations are not met.
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