All four members of the S&P 500 that reported calendar fourth-quarter earnings during the week of Dec. 9 surpassed Wall Street's expectations.

Altogether, the companies reported a 1.8% EPS surprise for the fourth quarter, and two posted at least 10% growth in EPS year over year.

Of the 11 S&P 500 sectors, five are expected to show year-over-year EPS gains for the calendar fourth quarter, with two of those expected to log double-digit gains. Six sectors are expected to report declines. The utilities sector is expected to post the largest gain at 11.9% year over year, while EPS is expected to decline by 33.7% in the energy sector.

Last week, Costco Wholesale Corp. reported earnings per share of $1.73, slightly above the consensus estimate of $1.72 as earnings grew 7.5% year over year. Revenue increased by 5.6% year over year to $37.04 billion, which was slightly below the consensus estimate of $37.40 billion.

Meanwhile, Oracle Corp. reported 90 cents in EPS, beating the consensus estimate by one penny. Earnings jumped 12.5% year over year and total revenue grew by 0.5%.