Here's The Best News About Earnings Seasons So Far

Earnings season is ramping up and around one-third of S&P 500 companies will release their respective earnings reports this week.

S&P 500 companies are expected to show investors a 7.6 percent year-over-year earnings growth as a whole, which may sound encouraging, but that may not be the case, according to Erin Gibbs of S&P Global.

A 7.6-percent boost in earnings would actually mark the lowest expected growth for any quarter dating back to last year, Gibbs explained during a recent CNBC "Trading Nation" segment. This is due to the fact that the consumer discretionary, industrials, and utilities sectors are all projected to show negative growth.

But there is some good news, perhaps the best news to come out of earnings season so far, Gibbs said. Companies in the consumer discretionary and industrials sectors are so far beating expectations and just one of the three troubled sectors, utilities, will "end up in the red."

Technology companies are likely to continue leading the way, she said, adding that information technology companies are expected to impress investors with 16 percent earnings growth in the quarter.

"It is supposed to be one of its best quarters of the year," Gibbs said. "We want to see those companies meet those expectations, if not beat."

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