Earnings live: PayPal stock pops amid turnaround, Coca-Cola stock surges

Earnings season kicks into high gear this week. SK Hynix (SKHY), Visa (V), Coca-Cola (KO), Boeing (BA), and Ford (F) report on Tuesday, with results from Arm Holdings (ARM), ExxonMobil (XOM), and Chevron (CVX) coming later in the week.

The main focus, though, will be on Big Tech earnings on Wednesday and Thursday. Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), and Amazon.com (AMZN) follow Alphabet's (GOOG, GOOGL) and Tesla's (TSLA) earnings last week, which sent the tech sector into a tailspin.

Overall, it's shaping up to be a strong earnings season for the S&P 500 (^GSPC). According to FactSet data, analysts estimate the year-over-year S&P 500 earnings growth rate for the second quarter will be 23.2% — above the five-year average of 16.4% and the 10-year average of 10.3%.

If that holds, it will mark the second consecutive quarter of earnings growth above 20% for the index and the seventh straight quarter of double-digit growth.