UBS analysts highlighted the top contributors to EPS growth for the S&P 500 (SP500) during the second quarter.

S&P 500 EPS is forecasted to grow 7.8% in the second quarter, assuming a typical pace of revisions and surprises, with growth finishing at 10.5-11%, analysts, headed by Jonathan Golub, Chief US Equity Strategist for UBS Investment Bank, said.

EPS is expected to grow 4.9% on an equal weighted basis, and 2.5% if the technology stocks (XLK) are excluded.

The tech stocks are expected to outpace the rest of the market by a narrower margin than they had during the first quarter. The biggest six tech stocks are forecasted to have 31.7% EPS growth, and the rest of the top 10 tech stocks 9.5%.

Energy (XLE) is also expected to report the fastest growth, while materials (XLB) and telecommunications (IYZ) the slowest growth.

These are the top 15 contributors to EPS growth this quarter:

• Nvidia (NVDA) - weight: 1.4%; EPS growth: 134.5%; Contribution to the EPS growth: 1.9%
• Alphabet (GOOGL) - weight: 3.4%; EPS growth: 27.6%; Contribution to the EPS growth: 0.9%
• Meta Platforms (META) - weight: 1.4%; EPS growth: 57.3%; Contribution to the EPS growth: 0.8%
• Amazon.com (AMZN) - weight: 1.3%; EPS growth: 57.3%; Contribution to the EPS growth: 0.7%
• Micron Technology (MU) - weight: 0.3%; EPS growth: 135.6%; Contribution to the EPS growth: 0.5%
• Exxon Mobil (XOM) - weight: 1.9%; EPS growth: 22.3%; Contribution to the EPS growth: 0.4%
• Microsoft (MSFT) - weight: 4.3%; EPS growth: 8.9%; Contribution to the EPS growth: 0.4%
• Allstate (ALL) - weight: 0.3%; EPS growth: 107.8%; Contribution to the EPS growth: 0.3%
• Progressive (PGR) - weight: 0.1%; EPS growth: 438.5%; Contribution to the EPS growth: 0.2%
• Western Digital (WDC) - weight: 0.1%; EPS growth: 157.9%; Contribution to the EPS growth: 0.2%
• Apple (AAPL) - weight: 3.9%; EPS growth: 5.2%; Contribution to the EPS growth: 0.2%
• General Motors (GM) - weight: 0.5%; EPS growth: 40.8%; Contribution to the EPS growth: 0.2%
• Warner Bros. Discovery (WBD) - weight: 0.2%; EPS growth: 66.1%; Contribution to the EPS growth: 0.2%
• Travelers Companies (TRV) - weight: 0.0%; EPS growth: 4907.7%; Contribution to the EPS growth: 0.1%
• Broadcom (AVGO) - weight: 1.0%; EPS growth: 13.7%; Contribution to the EPS growth: 0.1%