NEW YORK (Reuters) -Estimated earnings growth for S&P 500 companies for the first quarter of the year has jumped in the latest week, while the forecast for second-quarter earnings fell further, according to LSEG Thursday.

Thanks in part to upbeat results from big tech-related names including Microsoft, year-over-year S&P 500 earnings growth for the first quarter of 2025 is now seen at 12.9%, up from 8.9% a week ago.

The latest forecast is based on results from 325 of the S&P 500 companies and estimates for the rest.

However, uncertainty surrounding the impacts of U.S. President Donald Trump's tariffs and the resulting global trade tensions have dominated earnings calls this results season, and many companies across the globe have pulled or lowered their guidance.

The forcecast for second-quarter S&P 500 earnings growth has been falling sharply, and analysts now see growth of 6.9% for the quarter, down from 10.2% estimated on April 1, according to LSEG.