The Financial Post reports in its Tuesday edition that a non-stop rally in U.S. stocks since April is facing a major test as companies start reporting earnings this week. A Bloomberg dispatch to the Post reports that the S&P 500 index has notched one record after another. Firms will have to impress as expectations are elevated, especially for the megacap tech stocks. Though still robust, big-tech earnings are projected to slow. Analysts estimate that second quarter profits will rise 9.3 per cent for S&P 500 members over the prior-year period. The S&P 500 rose 3.9 per cent in the last quarter, and has since advanced 2.8 per cent through Friday's close. Ned Davis Research's Ed Clissold says: "The hurdle is high. Even strong beats may not be enough for the Magnificent Seven growth rate to continue to accelerate." Investors will look for clues on the health of the consumer, especially after Pepsico's sales disappointed last week. Earnings season kicked off on Friday, with banking bigwigs JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup reporting generally mixed results. Companies outside of tech are expected to report their first quarterly earnings growth in at least six quarters.