Earnings Season to Put Wall Street’s Rotation Trade to the Test

Investors’ newfound affinity for companies that benefit most from an accelerating economy is in for a tough test as the latest earnings season kicks off.

Money has been flowing from the technology giants that powered the past three years of gains into shares of banks, consumer-product makers and materials producers. The bet is that these sectors are set to outperform as the US economy picks up steam in 2026.