US companies are off to a blistering start in second-quarter earnings season, reporting double-digit profit growth despite higher energy costs, elevated interest rates and cautious spending by consumers. S&P 500 companies are on track to notch up 47.4 per cent year-on-year earnings growth for the quarter, Fact Set data shows, based on reports from more than 300 groups and analysts' estimates for those that have yet to announce results. This would be the strongest quarter for earnings growth in five years, according to Fact Set.

"The results are rock solid," said Hugh Gimber, global market strategist at JPMorgan Asset Management. "This has been a very, very positive couple of weeks in terms of the numbers companies are printing."

In the closely watched US tech sector, Gimber said, "the earnings that we are seeing look incredible". While tech is again among the leading industries, "we're seeing healthy results from a broader range of sectors" than in recent earnings seasons, he said. Eight of the index's 11 sectors are reporting double-digit growth in earnings, the research company said.

Sturdy consumer spending and the broad economic effects of heavy investment in AI infrastructure are buoying profits beyond the tech sector, said Daniel Morris, chief market strategist at BNP Paribas Asset Management. Higher fuel prices produced a windfall for the energy sector. Exxon Mobil and Chevron on Friday reported second-quarter earnings worth a combined $26.5bn.