On a sector-by-sector basis, six sectors are reporting revenues above estimates by 1.2% or more for the second quarter, with the energy sector in the lead. Of the six, five sectors revealed an increase in revenue growth of 1 percentage point or more.

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The energy sector has surprised markets, reporting the largest aggregate percentage to date for revenues at 2.9% and the largest percentage point improvement in revenue growth since June 30 at 4.0 percentage points.

The Energy Select Sector SPDR (NYSEArca: XLE) rose 13.2% year-to-date, tracking the second best performing area of the market.

On the other hand, the utilities sector, which has been the best performing area of the market this year, registered the worst change in sales growth rate this earnings period. Utilities saw revenue growth to date since June 30 fall 3.4 percentage points.

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