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Earnings growth should continue to drive the S&P 500, says UBS

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UBS believes that the S&P 500's profit growth in the third quarter could be between 8% to 10%, excluding the energy sector.

Banks have kicked off the third-quarter earnings season on a strong note, and UBS expects this momentum to continue. Investors sent stocks lower on Thursday after September's consumer price index revealed that the pace of price increases over the past year was higher than economists had forecasted. But stocks made a comeback on Friday morning, boosted higher by strong third-quarter results from JPMorgan Chase , Wells Fargo and BlackRock .

Excluding the energy sector, S & P 500 profit growth should be 8-10%," the bank wrote in a note to clients. UBS added that since lower energy prices take some pricing strain off consumers, there's a higher chance for companies in the consumer discretionary sector to post a positive surprise. And despite profit growth broadening out, the "Magnificent Seven" cohort is still expected to lead.

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