The bulk of the U.S. third-quarter earnings season will kick off on October 12, and Wall Street is starting to place its bets.

Goldman Sachs for one, expects a turbulent reporting period — not to mention a busy one. Companies representing more than a fifth of the S&P 500's market value will report third-quarter results during the three day period from Oct. 21 to Oct. 23 alone.

Continued turmoil in China and emerging markets will combine with the slump in energy and the higher U.S. dollar to make this earnings season an interesting one, according to Goldman Strategist David Kostin and his team. Based on these factors, the banks says it's going into the reporting period with an overweight on information technology and financials and an underweight on consumer staples, energy, utilities, and materials. 

Here's a look at what the current consensus is on Wall Street, according to Goldman's note. You can see that analysts expect profit margins to fall a collective 21 basis points to 9 percent, for instance:

Looking at that data, telecom services and healthcare are expected to post the best sales growth while consumer staples, materials and energy are forecast to see revenues decline versus the same period last year.

Based on recent stock movements Kostin and team believe investors are favoring "domestic-facing, high quality stocks" while having less favorable views of "companies leveraged to economic growth and international sales."