Financial results from the calendar second quarter showed earnings for S&P 500 SPX, -0.14% components falling for the second consecutive quarter, a trend referred to as an earnings recession. Profits dropped 0.35% in the second quarter, based on companies that were in the index as of the end of the previous earnings season, following a 0.29% decline in the first quarter.
While Exxon’s earnings drop wasn’t the largest within the energy sector, the market-cap weighting of the S&P 500 means that the company’s results have a sizable impact on the index’s overall earnings performance. For example, Noble Energy Inc. NBL, -0.68% suffered a 158% drop in earnings for the second quarter, but its result had a comparably minor effect on S&P 500 profits. Exxon is nearly 30 times the size of Noble.
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