Alphabet and Amazon Dominate S&P 500 Earnings Growth

Investor Ross Gerber pointed out that Alphabet Inc. and Amazon.com are driving most of the S&P 500's second-quarter earnings growth, according to FactSet data.

The two tech giants account for about 71% of the dollar increase in blended earnings since July, with their combined revenue exceeding $300 billion.

Excluding Alphabet and Amazon would change the picture significantly, with the S&P 500's blended earnings growth rate falling from 50.4% to 32.0%, according to FactSet analyst John Butters.