The Financial Post reports in its Thursday edition that as the latest earnings season nears completion, all signs are indicating the second quarter was one of the best three-month periods in recent memory with profit growth running at more than 30 per cent. A Bloomberg dispatch to the Post says the only problem is such a torrid pace is unlikely to last. The consensus currently expects growth to fall below 20 per cent in the first quarter of 2027 before moderating into the mid-teens for the full year, according to strategists at Bank of America. While in isolation those rates are healthy from a historical standpoint, the market often has been less supportive when earnings growth decelerates from elevated levels. It's a recipe that potentially could place next year's stock market in the weakest phase for equities: When earnings-per-share growth is above trend but decelerating, the S&P 500's median 12-month return is 6.7 per cent with a hit rate of 72.3 per cent, according to BofA. That compares with a median 14 per cent return and a hit rate of 83.3 per cent when EPS growth is above trend and accelerating. BofA strategists led by Savita Subramanian expect growth to remain above 20 per cent in the third and fourth quarters.