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Second quarter earnings continued to roll in, with leading chipmaker Taiwan Semiconductor (TSM) reporting strong results that pointed to robust AI demand. UnitedHealth Group (UNH), GE Aerospace (GE), and Netflix (NFLX) also report on Thursday, rounding out the earnings mix.

The week started with a wave of bank earnings that showed broad-based strength, driven by Wall Street trading activity. "It's getting close to as good as it gets," JPMorgan (JPM) CEO Jamie Dimon said about current banking conditions after the country's largest bank reported its biggest quarterly profit on record on Tuesday.

It was a good start to what's expected 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 23.3% β€” 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 earnings growth rate above 20% for the index and the seventh straight quarter of double-digit growth.

Also reporting earnings this week were ASML Holding N.V. (ASML), Morgan Stanley (MS), BlackRock (BLK), Johnson & Johnson (JNJ), and United Airlines Holdings (UAL).