The first week of earnings season was dominated by better-than-expected results from the major banks, pushing the second quarter year-over-year anticipated growth rate to 69 percent, according to Factset. There was some weakness in lending, but capital markets activity was generally strong. And, of course, the release of loan loss reserves helped. Nevertheless, the BKX bank ETF fell 2.4 percent, contributing to an overall decline of 1.0 percent in the S&P 500® index. It was the third straight week of declines for the banks, and fifth week in the past six. From its peak on June 1, the BKX is lower by 9.9 percent. The banks were exceeded on the downside last week by energy stocks, which fell almost 8 percent. Consumer discretionary and materials were lower as well. Defensive groups were higher, including utilities, consumer staples, along with real estate.