Which sectors will survive rough third quarter?

While some of the last companies in the S&P 500 index are reporting third-quarter earnings, investment analysts expect the growth rate of the index to be down 22 percent from the third quarter of 2007.

Financials, utilities, telecommunications and consumer discretionary sectors are all expected to ultimately post losses in the third quarter, while the energy and consumer staples sectors, classically defensive sectors, are expected to post high single-digit to low double-digit earnings, according to Bill Stone, chief investment strategist for PNC.