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How Trump uncertainty is casting a shadow on earnings season

S&P 500 companies are on track for 10% growth in the second quarter, and investors and pundits are excited. But the aggregated number is masking the weakness in a key sector that should give investors pause.

The gains are being driven by energy, which is enjoying easy comparisons, to use an analyst term, meaning it is rebounding from a very low base. In the more than two years that oil prices have held at stubbornly low levels, energy companies have gone through a period of restructuring, slashing capex budgets, selling assets and ditching noncore businesses.

The other star sector is technology, driven by the so-called FANG stocks — Facebook Inc.

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