S&P 500 earnings are rising. What will retail bring?

Blended expectations for second-quarter earnings among S&P 500 companies edged up in the last week with the adjusted year-over-year growth rate now expected to be 33.1%, up from 32.7% a week ago, according to the latest data from LSEG.

This compares with expectations for 24.4% on July 1, before the reporting season began, according to reports from Tajinder Dhillon, head of earnings and equity research at LSEG.

Both last week's and this week's numbers were adjusted to exclude mark-to-market investment gains at Amazon and Alphabet, which, if included, would bring the growth rate to 51.6% for the quarter. If the energy sector is excluded, that number would drop to 47.7%.

The growth rate for the current week includes numbers from the companies that have already reported, up from last week, and estimates for those that have yet to report their results.