 More broadly, expectations call for the S&P earnings growth to rise by 8.8% year-over-year in the second quarter, the fastest pace since the first quarter of 2022. Earnings growth is also expected to be broad, with eight of the 11 sectors forecast to report positive earnings growth. In Edward Jones' view, market returns this year will be driven more so by positive earnings growth than valuation expansion, which was a primary driver of market returns last year.