Estimates for second-quarter earnings edged higher in the latest week as results from bellwether companies like Intel Corp bolstered expectations for the quarter.
Earnings for Standard & Poor's 500 <.SPX> companies are expected to increase 28 percent from a year ago. That estimate is up from 27 percent a week ago, according to Thomson Reuters' data. The percentage combines both estimated earnings and actual results.
The reporting period kicked off with results from Alcoa Inc Monday. Next week marks the start of the peak reporting period, with 12 Dow components expected to report and 122 S&P 500 companies.
Alcoa reported stronger-than-expected results, as did Intel.
Results later in the week dampened some of the early investor optimism for earnings, including those from General Electric , Bank of America and Citigroup , all of which missed revenue expectations.
I'd describe the earnings picture as good, not great, said Fred Dickson, chief market strategist at D.A. Davidson & Co.
One of the things weighing on investors' minds is revenue. Expectations are going to be high for revenue gains from tech names, he said.
Overall revenue is expected to increase 9 percent from a year ago, down slightly from an increase of 11.2 percent in the first quarter and compared with 8 percent revenue growth in the fourth quarter.
Among technology companies due to report next week are International Business Machines , Texas Instruments and Apple .
(Editing by Dan Grebler)