JPMorgan (JPM) and Citigroup (C) handily beat earnings and revenue estimates while Wells Fargo (WFC) beat earnings expectations but modestly missed revenue estimates. The market wasn’t impressed these results, with all three bank stocks ending the otherwise positive Friday session in negative territory. A big reason for the market’s lukewarm reaction to the seemingly positive bank earnings is the soft guidance for the current period, particularly from JPMorgan. This will likely show up in lowered Q3 estimates in the coming days.Bank stocks struggled in April and May as treasury yields kept going down, but they came back strong in June on the back of a trend reversal in yields and better than expected ‘Stress Test’ results that opened up outsized capital returns opportunities. Most of the headwinds facing banks in Q2 weren’t new; we knew that the capital markets business was soft due to muted volatility and that lower treasury yields would be weighing on margins even as growth in loan portfolios had started decelerating. Estimates had started coming down in the run up to these reports, but not by that much.Results from these money-center banks and PNC Financial (PNC), which also reported June-quarter results on Friday, offer useful but not very favorable read-throughs for the regional banks and investment banks coming out with results this week.Finance Sector ScorecardIt is still fairly early, with results from only 4 Finance sector companies in the S&P 500 (out of 95 total) out already. But these 4 companies are the some of the largest in the entire index and account for 22% of the sector’s total market capitalization in the index. Total earnings for these 4 Finance sector companies are up +6.2% from the same period last year on +2.5% higher revenues, with all 4 beating EPS estimates and 3 beating top-line estimates.The chart below compares the growth pace (earnings and revenue) and proportion of positive surprises for these 4 banks with what we saw from this same group of companies in other recent periods.What this shows is that the Q2 earnings and revenue growth pace is below what we saw from the same four banks in the preceding quarter, but is otherwise better than other recent historical periods.Total Q1 earnings for the sector as a whole, combining the reported actual results with the still-to-come estimates, are expected to be up +9.3% from the same period last year on +1.7% higher revenues. The chart below shows the sector’s Q2 earnings growth expectations contrasted with estimates for the following four quarters and actual results for the preceding two periods.Please note that the sector’s earnings growth expectation has gone up following the better than expected big bank results. It is very likely that the overall growth pace for the sector outpaces the strong showing we saw from the sector in the preceding period.The table below shows the sector’s Q2 earnings growth expectations at the medium-industry level contrasted with estimates for the following four quarters and actual results for the preceding three periods.Please note that the Major Banks industry, of which JPMorgan, Wells Fargo and others are part, accounts for roughly 45% of the sector’s total earnings (insurance is the second biggest earnings contributor, accounting for about 25% of the total).Q2 Earnings Season Scorecard (as of Friday, July 14, 2017) We now have Q2 results from 30 S&P 500 members that combined account for 9.3% of the index’s total market capitalization. Total earnings for these companies are up +13.8% from the same period last year on +6% higher revenues, with 83.3% beating EPS estimates and an equivalent proportion beating revenue estimates.The charts below compare the Q2 results thus far from the 30 index members with what we had seen from the same group of companies in other recent periods.This is still a fairly small sample of results, but what has come out already represents an improvement over what we had seen from the same group of index members in other recent periods.We have a very busy docket of reports this week, with more than 200 companies reporting results, including 68 S&P 500 members. But we can clearly say that the Q2 earnings season is off to a good start. By the end of this week, we will have seen results from almost one-fifth of the S&P 500 members.The chart below shows the weekly calendar of earnings releases for the entire Q2 earnings cycle. As you can see, we are about two weeks away from the reporting cycle really ramping up.Q2 ExpectationsTotal Q2 earnings are expected to be up +6.6% from the same period last year on +4.5% higher revenues. This would follow +13.3% earnings growth in 2017 Q1 on +7.0% revenues growth, the highest growth pace in all most two years.The table below shows the summary picture for Q2, contrasted with what was actually achieved in Q1.The chart below shoes Q2 earnings growth expectations contrasted with what is expected in the following three quarters and actual results in the preceding 5 quarters. As you can see in the chart below, this growth pace is expected to continue through the rest of the year.Note: Sheraz Mian manages the Zacks equity research department. He is an acknowledged earnings expert whose commentaries and analyses appear on Zacks.com and in the print and electronic media. His weekly earnings related articles include Earnings Trends and Earnings Preview. He manages the Zacks Top 10 and Focus List portfolios and writes the Weekly Market Analysis article for Zacks Premium subscribers.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>Here is a list of the 214 companies including 68 S&P 500 members reporting this week. Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time TELENOR ASA-ADSTELNYN/A0.27145.45%MondayBTOBlackrock Inc.BLK5.374.786.28%MondayBTOCharles SchwabSCHW0.390.35.41%MondayBTOJB HuntJBHT0.920.925.75%MondayBTONetflix Inc.NFLX0.160.095.26%MondayAMCSelect ComfortSCSS0.050.0321.74%MondayAMCSERVISFIRST BCSSFBS0.440.355.00%MondayAMCHARLEY-DAVIDSONHOG1.381.556.06%TuesdayBTOLOCKHEED MARTINLMT3.093.328.70%TuesdayBTOGOLDMAN SACHSGS3.513.72-4.28%TuesdayBTOJOHNSON & JOHNSJNJ1.791.743.39%TuesdayBTOBANK OF AMER CPBAC0.430.3617.14%TuesdayBTOPROLOGIS INCPLD0.780.61.61%TuesdayBTOUNITEDHEALTH GPUNH2.381.968.72%TuesdayBTOCOMERICA INCCMA1.070.770.99%TuesdayBTOPROGRESSIVE CORPGR0.60.29-1.47%TuesdayBTOERICSSON LM ADRERIC0.050.1-1000.00%TuesdayBTOSYNOVUS FINL CPSNV0.590.4911.76%TuesdayBTOMEDIDATA SOLUTNMDSO0.170.1381.82%TuesdayBTONOVARTIS AG-ADRNVS1.161.222.73%TuesdayBTOTILE SHOP HLDGSTTS0.160.1414.29%TuesdayBTOANGIODYNAMICSANGO0.160.1926.67%TuesdayBTOMERCANTILE BANKMBWM0.440.466.98%TuesdayBTONEOGEN CORPNEOG0.320.260.00%TuesdayBTOWASH FEDL INCWAFD0.480.474.44%TuesdayBTOTD AMERITRADEAMTD0.410.39-2.44%TuesdayBTOKinder MorganKMI0.140.15-5.56%TuesdayAMCINTL BUS MACHIBM2.732.951.71%TuesdayAMCNAVIENT CORPNAVI0.430.47-16.28%TuesdayAMCCSX CORPCSX0.590.4718.60%TuesdayAMCUNITED CONT HLDUAL2.472.6110.81%TuesdayAMCLEGACY TX FINLLTXB0.560.5-36.21%TuesdayAMCHANMI FINL CPHAFC0.450.44-2.27%TuesdayAMCADTRAN INCADTN0.220.2215.38%TuesdayAMCRENASANT CORPRNST0.560.593.77%TuesdayAMCEXPONENT INCEXPO0.410.38-15.22%TuesdayAMCAMER MOVIL-ADRAMX0.320.1365.62%TuesdayAMCPZENA INVESTMNTPZN0.120.1-7.69%TuesdayAMCTESSCO TECH INCTESS0.040.0175.00%TuesdayAMCUTD COMM FIN CPUCFC0.140.11-16.67%TuesdayAMCUNIVL FST PRODSUFPI1.851.640.00%TuesdayAMCWINTRUST FINLWTFC0.980.99.89%TuesdayAMCHANCOCK HLDG COHBHC0.670.5910.53%TuesdayAMCFULTON FINLFULT0.260.238.70%TuesdayAMCPREFERRED BANKPFBC0.750.611.43%TuesdayAMCPINNACLE FIN PTPNFP0.80.757.79%TuesdayAMCINTERACTIVE BRKIBKR0.330.4-12.82%TuesdayAMCGRAINGER W WGWW2.622.89-4.32%WednesdayBTOMORGAN STANLEYMS0.760.7511.11%WednesdayBTOUS BANCORPUSB0.840.832.50%WednesdayBTOM&T BANK CORPMTB2.282.0710.82%WednesdayBTOTEXTRON INCTXT0.550.660.00%WednesdayBTONORTHERN TRUSTNTRS1.241.061.87%WednesdayBTODIEBOLD INCDBD0.120.43700.00%WednesdayBTOAVANGRID INCAGR0.370.327.35%WednesdayBTOFIRST COMMTY CPFCCO0.260.2613.04%WednesdayBTOUNION BANKSHARSUBSH0.470.442.33%WednesdayBTOCOMMUN TRUST BCCTBI0.670.66-1.54%WednesdayBTODONEGAL GRP -ADGICA0.240.31N/AWednesdayBTOVOLVO AB-BVLVLY0.320.1236.84%WednesdayBTOASML HOLDING NVASML10.9313.13%WednesdayBTOAB ELECTROLUXELUXYN/A0.91N/AWednesdayBTODISH NetworkDISH0.750.8813.43%WednesdayBTOCH ROBINSON WWDCHRW0.917.50%WednesdayAMCQUALCOMM INCQCOM0.671.0314.29%WednesdayAMCSL GREEN REALTYSLG1.623.410.00%WednesdayAMCAMER EXPRESS COAXP1.452.14.69%WednesdayAMCUTD RENTALS INCURI2.272.063.16%WednesdayAMCCROWN CASTLECCI1.151.166.90%WednesdayAMCT-MOBILE US INCTMUS0.360.2531.43%WednesdayAMCSTEEL DYNAMICSSTLD0.630.583.80%WednesdayAMCLASALLE HTL PRPLHO0.820.954.65%WednesdayAMCTEXAS CAP BCSHSTCBI0.940.78-9.09%WednesdayAMCALCOA CORPAA0.59N/A14.55%WednesdayAMCUMPQUA HLDGS CPUMPQ0.270.31-19.23%WednesdayAMCBLACK KNGHT FINBKFS0.320.290.00%WednesdayAMCBANCORPSOUTHBXS0.40.392.63%WednesdayAMCCVB FINLCVBF0.260.234.00%WednesdayAMCKAISER ALUMINUMKALU1.011.0235.71%WednesdayAMCSLM CORPSLM0.160.1240.00%WednesdayAMCBERKSHIRE HILLSBHLB0.570.540.00%WednesdayAMCCATHAY GENL BCPCATY0.630.440.00%WednesdayAMCGUARANTY BANCRPGBNK0.350.299.38%WednesdayAMCPLEXUS CORPPLXS0.720.7610.53%WednesdayAMCCENTRAL VLY COMCVCY0.310.5525.00%WednesdayAMCFIRST CT BANCRPFBNK0.330.2233.33%WednesdayAMCFNF GROUPFNF0.720.7413.51%WednesdayAMCBLACKHAWK NETWKHAWK-0.250.2746.67%WednesdayAMCPTC INCPTC0.170.19-25.00%WednesdayAMCRLI CORPRLI0.540.61-8.33%WednesdayAMCSIMMONS FIRST ASFNC0.790.82-12.35%WednesdayAMCAEHR TEST SYSAEHR-0.04-0.23-100.00%WednesdayAMCCONSOL TOMOKACTO0.250.2818.85%WednesdayAMCDATAWATCH CORPDWCH-0.06-0.4514.29%WednesdayAMCNVE CORPNVEC0.660.65-12.68%WednesdayAMCMILLICOM INTLMIICFN/A0.04N/AWednesdayAMCCDN PAC RLWYCP2.061.590.00%WednesdayAMCSAREPTA THERAPSRPT-0.92-1.3514.12%WednesdayAMCCROWN HLDGS INCCCK1.091.192.86%WednesdayAMCTRIUMPH BANCORPTBK0.330.25-94.44%WednesdayAMCVALMONT INDSVMI1.931.853.70%WednesdayAMCWESBANCO INCWSBC0.620.590.00%WednesdayAMCTRISTATE CP HLDTSC0.270.248.33%WednesdayAMCCOHEN&STRS INCCNS0.490.462.17%WednesdayAMCEAGLE BCP INCEGBN0.760.715.48%WednesdayAMCGREAT SOUTH BCPGSBC0.80.896.58%WednesdayAMCFIRST SOURCE CPSRCE0.610.568.77%ThursdayN/AADVA OPTICALADVOF0.2N/AN/AThursdayN/ABANCFIRST OKLABANF1.151.120.35%ThursdayN/ADANAHER CORPDHR0.971.251.19%ThursdayBTOPPG INDS INCPPG1.81.853.05%ThursdayBTOSNAP-ON INCSNA2.552.362.14%ThursdayBTOBB&T CORPBBT0.770.711.37%ThursdayBTOKEYCORP NEWKEY0.340.2714.29%ThursdayBTODOVER CORPDOV10.8712.90%ThursdayBTOTRAVELERS COSTRV2.082.2-10.00%ThursdayBTOBANK OF NY MELLBK0.840.760.00%ThursdayBTOGENUINE PARTSGPC1.311.282.86%ThursdayBTONUCOR CORPNUE1.070.73-2.63%ThursdayBTOALLIANCE DATAADS3.473.280.00%ThursdayBTOABBOTT LABSABT0.60.5511.63%ThursdayBTOUNION PAC CORPUNP1.371.177.32%ThursdayBTOPHILIP MORRISPM1.231.15-4.85%ThursdayBTOOMNICOM GRPOMC1.391.361.04%ThursdayBTOSHERWIN WILLIAMSHW4.554.069.66%ThursdayBTOFNB CORPFNB0.230.220.00%ThursdayBTOMARINEMAX INCHZO0.680.57-35.29%ThursdayBTOMONRO MUFFLERMNRO0.540.50.00%ThursdayBTOKB FINL GRP-ADRKBN/A1.31N/AThursdayBTOCHECK PT SOFTWCHKP1.110.972.80%ThursdayBTOWABCO HOLDINGSWBC1.541.432.08%ThursdayBTOPOLARIS INDUSPII1.081.097.14%ThursdayBTOBLACKSTONE GRPBX0.590.4418.84%ThursdayBTOSONOCO PRODUCTSSON0.710.733.51%ThursdayBTOWNS HLDGS-ADRWNS0.370.355.41%ThursdayBTOHOME BANCSHARESHOMB0.330.313.13%ThursdayBTOPOOL CORPPOOL2.241.982.56%ThursdayBTOS&T BANCORP INCSTBA0.550.49-1.89%ThursdayBTOAMER RIVER BSHAMRB0.20.19-10.00%ThursdayBTOLAKELAND BANCRPLBAI0.270.260.00%ThursdayBTOMGIC INVSTMT CPMTG0.250.2629.17%ThursdayBTOVERITEX HLDGSVBTX0.20.29-9.09%ThursdayBTOABB LTD-ADRABB0.310.37.69%ThursdayBTOSAP AG ADRSAP1.030.76-19.30%ThursdayBTOSCHOLASTIC CORPSCHL1.091.22-44.00%ThursdayBTOTRINITY BIOTECHTRIB0.030.0616.67%ThursdayBTOGATX CORPGATX1.11.4933.33%ThursdayBTOROGERS COMM CLBRCI0.720.626.98%ThursdayBTONEUROMETRIX INCNURO-2.83-42.96-85.71%ThursdayBTOUNILEVER PLCULN/AN/AN/AThursdayBTOEAST WEST BCEWBC0.810.7117.33%ThursdayBTOSANDY SPRINGSASR0.580.4416.67%ThursdayBTOUNILEVER N VUNN/AN/AN/AThursdayBTOCAPITAL ONE FINCOF1.91.76-9.33%ThursdayAMCSKYWORKS SOLUTNSWKS1.421.152.31%ThursdayAMCEBAY INCEBAY0.360.367.50%ThursdayAMCPEOPLES UTD FINPBCT0.230.230.00%ThursdayAMCINTUITIVE SURGISRG4.864.8617.63%ThursdayAMCMICROSOFT CORPMSFT0.710.695.80%ThursdayAMCVISA INC-AV0.810.698.86%ThursdayAMCCINTAS CORPCTAS1.081.084.72%ThursdayAMCE TRADE FINL CPETFC0.480.4823.08%ThursdayAMCNCR CORP-NEWNCR0.750.7221.74%ThursdayAMCWIPRO LTD-ADRWIT0.060.067.69%ThursdayAMCASSOC BANC CORPASB0.360.319.38%ThursdayAMCMAXIM INTG PDTSMXIM0.620.497.69%ThursdayAMCMB FINANCL INCMBFI0.640.585.26%ThursdayAMCBRANDYWINE RTBDN0.340.320.00%ThursdayAMCSKECHERS USA-ASKX0.450.489.09%ThursdayAMCWESTERN ALLIANCWAL0.730.621.45%ThursdayAMCQCR HLDGS INCQCRH0.660.557.94%ThursdayAMCATHENAHEALTH INATHN0.070.06-9.09%ThursdayAMCCOBIZ FINL INCCOBZ0.210.210.00%ThursdayAMCDIGITALGLOBEDGI-0.050.17-100.00%ThursdayAMCMANHATTAN ASOCMANH0.440.4614.29%ThursdayAMCMARTEN TRANSMRTN0.150.1619.05%ThursdayAMCRESOURCES CNCTNRECN0.220.23-35.71%ThursdayAMCBADGER METERBMI0.350.3215.38%ThursdayAMCINDEP BK MASSINDB0.810.789.86%ThursdayAMCAMER NATL BNKSHAMNB0.50.4711.90%ThursdayAMCCEMENTOS PACASMCPAC0.140.09-45.45%ThursdayAMCEQUITY BANCSHRSEQBKN/A0.347.14%ThursdayAMCSENSIENT TECHSXT0.870.843.80%ThursdayAMCIBERIABANK CORPIBKC1.121.185.15%ThursdayAMCGLACIER BANCORPGBCI0.440.40.00%ThursdayAMCGRUPO AEROP-ADRASR1.951.613.40%ThursdayAMCNATIONAL BK HLDNBHC0.30.1525.00%ThursdayAMCACCESS NATL CPANCX0.390.46-25.64%FridayN/ASCHLUMBERGER LTSLB0.30.230.00%FridayBTOGENL ELECTRICGE0.250.5123.53%FridayBTOMOODYS CORPMCO1.321.319.51%FridayBTOREGIONS FINL CPRF0.240.24.55%FridayBTOSUNTRUST BKSSTI0.980.893.57%FridayBTOFIFTH THIRD BKFITB0.420.40.00%FridayBTOHUNTINGTON BANCHBAN0.230.21-4.55%FridayBTOSYNCHRONY FINSYF0.580.58-17.57%FridayBTOCOLGATE PALMOLICL0.720.71.52%FridayBTOCITIZENS FIN GPCFG0.590.4619.61%FridayBTOKANSAS CITY SOUKSU1.261.220.00%FridayBTOHONEYWELL INTLHON1.781.662.47%FridayBTOBANCO LATINOAMEBLX0.650.57-11.76%FridayBTOGENTEX CORPGNTX0.320.36.45%FridayBTOAUTOLIV INCALV1.481.758.55%FridayBTOENCANA CORPECA0.040.1175.00%FridayBTODEL FRISCOS RSTDFRG0.180.19-4.76%FridayBTOMOBILE MINI INCMINI0.260.250.00%FridayBTOAMERIS BANCORPABCB0.650.571.69%FridayBTOSOUTH STATE CPSSB1.181.181.77%FridayBTOCONTROLADORA VLVLRS-0.050.49-195.83%FridayBTOMCCLATCHY CO-AMNI-0.6-1.89158.46%FridayBTOREPUBLIC BCP KYRBCAAN/A0.4N/AFridayBTOWEBSTER FINL CPWBS0.60.538.77%FridayBTOMETSO CORP -ADRMXCYYN/A0.08N/AFridayBTOVODAFONE GP PLCVODN/AN/AN/AFridayBTOWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wells Fargo & Company (WFC): Free Stock Analysis Report PNC Financial Services Group, Inc. (The) (PNC): Free Stock Analysis Report J P Morgan Chase & Co (JPM): Free Stock Analysis Report Citigroup Inc. (C): Free Stock Analysis Report To read this article on Zacks.com click here.