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John Butters
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Oct 6, 2026
Is 8,000 for the S&P 500 a Lock by Year End?
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John ButtersGUEST
Yeah, and I know you guys both talked about energy and tech earlier, so we'll, we'll talk about energy.
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John ButtersGUEST
Overall, 114% growth expected, and you can see that again, as we talked about, that number has come up since the start of the quarter.
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John ButtersGUEST
A lot of the strength there really concentrated in the refiners, refining and marketing industry, so companies such as Marathon Petroleum, uh, Valero Energy, Phillips 66, and also the integrated oil and gas companies, Exxon and Chevron.
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John ButtersGUEST
Uh, and again, oil prices on average are up about 30% year over year, so another reason obviously you're seeing strong growth there.
Big Banks Kick Off Earnings Season
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Dan NathanHOST
But let's drill down a little bit, John, on some of the sectors that you're focused on here, because obviously some are much bigger contributors than others to S&P 500 earnings.
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John ButtersGUEST
Yeah, so overall, if you look at the sectors, seven sectors expecting growth, but six expecting double-digit growth.
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John ButtersGUEST
And we saw the banks today, a number of the large banks, JPMorgan Chase, Citi, Wells Fargo, all beat estimates and had pretty solid earnings.
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John ButtersGUEST
But even outside of that, three of the other four industries are looking for double-digit growth in financials.

Dan NathanHOST
But your slide right here is saying something different here, because the idea of broadening out of earnings growth away from these eight stocks is going to be a really important story in 2025.
