The Financial Post reports in its Tuesday edition that this upcoming earnings season is going to be interesting, especially given the rising gap between share price performance and the underlying fundamentals. Post columnist Martin Pelletier writes that the median global stock trades at 15.2 times forward earnings, while it is at 18.6 times on a non-equal-weighted basis. This implies a modest forward real return of 6.6 per cent. The S&P 500 Index is up 25.2 per cent from June, 2023, to June, 2024, and its constituents are expected to report year-over-year earnings growth of only 8.8 per cent for the second quarter -- down from 9.1-per-cent earnings growth expectation at the end of March. The highest growth is expected to come from communication services, health care, infotech and energy, with the weakest results coming from consumer staples, industrials and materials. More specifically, the share prices of communication services (Alphabet, Meta, Netflix) and infotech (Microsoft, Nvidia, Apple) have gained a whopping 33 and 35 per cent, respectively, over the 12 months ending in June, while their year-over-year earnings growth figures are forecast to be up around 18.4 per cent and 16.4 per cent, respectively.