The Q1 results that we have seen thus far are weighted more towards the Finance sector, but this week brings reports from a host of Tech companies, including Microsoft (MSFT Quick QuoteMSFT - Free Report) , Meta (META Quick QuoteMETA - Free Report) , Alphabet (GOOGL Quick QuoteGOOGL - Free Report) and others. The bearish sentiment of recent days that has caused broad-based stock market weakness is a result of evolving Fed expectations rather than any real or perceived weakness in the economy or earnings. That said, the hope is that strength of this week’s Tech results will help offset this market funk.

With respect to the earnings season scorecard, we now have Q1 results from 73 S&P 500 members. Total earnings for these 73 companies are up +8.3% from the same period last year on +4.1% higher revenues, with 78.1% beating EPS estimates and 61.6% beating revenue estimates.

These Q1 beats percentages are within the historical ranges, but tracking below the historical averages, particularly on the revenues side. The earnings growth at this stage is in-line with the accelerating growth trend that we have been seeing in recent quarters, with the trend on the revenues side representing a modest deceleration.

Looking at Q1 as a whole, total earnings for the S&P 500 index are expected to be up +3.9% from the same period last year on +3.9% higher revenues, with margins essentially flat from the year-earlier period. Excluding the Energy sector drag, Q1 earnings for the rest of the index would be up +6.8% from the same period last year.

For more details on the Q1 earnings season and evolving expectations for the coming periods, please check out our weekly Earnings Trends report here >>> Earnings Expectations Are Moving Higher