–With 92% of the S&P 500 companies’ results in, Q1 2019 earnings are up 1.4% year over year, 3.5 percentage points above January 1, 2019, estimates. Revenue is tracking to a 0.5 percentage point upside surprise and 5.6% year-over-year increase.

–Forward earnings estimates have fallen by a below-average 0.5% since April 1, reflecting the better-than-feared global growth environment. China tariffs present downside risk to 2019 earnings, but we remain optimistic about an eventual deal.

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