The Globe and Mail reports in its Thursday edition that U.S. companies are preparing to report second quarter earnings as investors watch for effects from President Donald Trump's trade war, which started on April 2. A Reuters dispatch to The Globe reports that while earnings growth is expected to slow, a decline in the dollar may help mitigate the impact of tariffs. Analysts are forecasting second quarter growth of 5.8 per cent year-over-year compared with 13.7 per cent in the first quarter. JPMorgan and other big banks are due to report results on July 15, unofficially kicking off the reporting period. The S&P 500 index has reached all-time highs, prompting concerns about whether profit growth can support higher stock prices. Currently, it trades at about 22 times forward earnings, above the 10-year average of about 18. Truist Advisory's Keith Lerner says with the first quarter earnings season, "it was kind of like, we really don't know what to expect. There were a lot less companies pulling guidance than anticipated, and it showed companies were still relatively resilient." Goldman Sachs's David Kostin says higher tariffs have yet to weigh on sales forecasts or corporate spending plans at the total index level.