Second quarter earnings season kicked off to a strong start with more companies reporting positive surprises than negative ones.

Data from FactSet published Friday showed that analysts expect S&P 500 companies to report a 5.6% jump in earnings per share during the second quarter, which would mark the slowest pace of earnings growth since the fourth quarter of 2023. Through Friday, with 12% of the index having reported results, second quarter earnings growth was tracking to 5.6%, in line with estimates.

The biggest Wall Street banks kicked off the earnings season on Tuesday. A major theme that emerged from the likes of JPMorgan (JPM), Goldman Sachs (GS), and Bank of America (BAC) is that Wall Street has largely moved on from President Trump’s trade war.

While tariffs remain a key topic, companies have signaled that they are beginning to adjust to the shifting policy environment. Johnson & Johnson (JNJ) and 3M (MMM) said they expect to see a smaller financial hit from tariffs than they previously forecast.

Valuations pose another challenge for some companies. The 40% year-to-date rally in Netflix stock (NFLX) going into earnings left little room for error. Despite posting an earnings and revenue beat and raising guidance, the stock fell 5% on Friday.

All this and more will be tested in the upcoming week when the first of the “Magnificent Seven” firms — Alphabet (GOOGL, GOOG) and Tesla (TSLA) — report Q2 results on Wednesday. The Big Tech companies are expected to lead S&P 500 earnings growth again this quarter.

Here’s what’s on the earnings docket for next week as investors look for additional clues about the health of the US economy:

Monday: Cleveland Cliffs (CLF), Domino’s Pizza (DPZ), Steel Dynamics (STLD), Verizon (VZ)

Tuesday: Capital One (COF), Coca-Cola (KO), DR Horton (DHI), Enphase Energy (ENPH), GM (GM), Lockheed Martin (LMT), Philip Morris International (PM), SAP (SAP), Texas Instruments (TXN)

Wednesday: Alphabet, Tesla, Chipotle (CMG), Alaska Airlines (ALK), AT&T (T), Fiserv (FI), Freeport McMoran (FCX), GE Vernova (GEV), General Dynamics (GD), Hasbro (HAS), IBM (IBM), O’Reilly Automotive (ORLY), QuantumScape (QS)

Thursday: American Airlines (AAL), Blackstone (BX), Deckers (DECK), Dow (DOW), Honeywell (HON), Intel (INTC), Keurig Dr. Pepper (KDP), Nasdaq (NDAQ), Nokia (NOK), Southwest Airlines (LUV), Union Pacific (UNP)

Friday: Charter Communications (CHTR)

LIVE

33 updates

Story Continues

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance