–With 484 S&P 500 companies having reported, Q4 2018 earnings growth is tracking to 16.7% year over year, 2.5 percentage points above mid-January estimates. Energy has produced the biggest upside surprise.
–Slower global growth and trade tensions have contributed to a 3.3% cut to 2019 S&P 500 earnings estimates this year, typical if energy estimate cuts are excluded.
–A lower bar and likely China trade deal may support near-term upside.
