UBS analysts highlighted the top contributors to EPS growth for the S&P 500 (SP500) during the second quarter. S&P 500 EPS is forecasted to grow 7.8% in the second quarter, assuming a typical pace of revisions and surprises, with growth finishing at 10.5-11%, analysts, headed by Jonathan Golub, Chief US Equity Strategist for UBS Investment Bank, said. EPS is expected to grow 4.9% on an equal weighted basis, and 2.5% if the technology stocks (XLK) are excluded. The tech stocks are expected to outpace the rest of the market by a narrower margin than they had during the first quarter. The biggest six tech stocks are forecasted to have 31.7% EPS growth, and the rest of the top 10 tech stocks 9.5%. Energy (XLE) is also expected to report the fastest growth, while materials (XLB) and telecommunications (IYZ) the slowest growth. These are the top 15 contributors to EPS growth this quarter: Nvidia (NVDA) - weight: 1.4%; EPS growth: 134.5%; Contribution to the EPS growth: 1.9% Alphabet (GOOGL) - weight: 3.4%; EPS growth: 27.6%; Contribution to the EPS growth: 0.9% Meta Platforms (META) - weight: 1.4%; EPS growth: 57.3%; Contribution to the EPS growth: 0.8% Amazon.com (AMZN) - weight: 1.3%; EPS growth: 57.3%; Contribution to the EPS growth: 0.7% Micron Technology (MU) - weight: 0.3%; EPS growth: 135.6%; Contribution to the EPS growth: 0.5% Exxon Mobil (XOM) - weight: 1.9%; EPS growth: 22.3%; Contribution to the EPS growth: 0.4% Microsoft (MSFT) - weight: 4.3%; EPS growth: 8.9%; Contribution to the EPS growth: 0.4% Allstate (ALL) - weight: 0.3%; EPS growth: 107.8%; Contribution to the EPS growth: 0.3% Progressive (PGR) - weight: 0.1%; EPS growth: 438.5%; Contribution to the EPS growth: 0.2% Western Digital (WDC) - weight: 0.1%; EPS growth: 157.9%; Contribution to the EPS growth: 0.2% Apple (AAPL) - weight: 3.9%; EPS growth: 5.2%; Contribution to the EPS growth: 0.2% General Motors (GM) - weight: 0.5%; EPS growth: 40.8%; Contribution to the EPS growth: 0.2% Warner Bros. Discovery (WBD) - weight: 0.2%; EPS growth: 66.1%; Contribution to the EPS growth: 0.2% Travelers Companies (TRV) - weight: 0.0%; EPS growth: 4907.7%; Contribution to the EPS growth: 0.1% Broadcom (AVGO) - weight: 1.0%; EPS growth: 13.7%; Contribution to the EPS growth: 0.1% More on S&P 500 Index: This Doesn't End Well The PCE Report Suggests Three Rate Cuts Starting In September PCE May 2024: Soft Spending, Low Inflation Supports Soft Landing Narrative Fed should ‘tee up’ rate cut after cooling in PCE inflation: Wharton’s Jeremy Siegel Nasdaq, S&P retreat from all-time highs as Nike plunge offsets PCE data-driven gains