Twenty percent of S&P 500 companies have now reported first quarter earnings results. Year over year earnings growth currently stands at a combined -37% for these companies. Financials are the main culprit for this large decline, but the bottom line number will most likely get better since more Financial stocks have reported results than any other sector at the moment.
As shown below, growth expectations for the first quarter stood at -9.9% for the S&P 500 on March 28th. Consumer Discretionary EPS growth currently stands at -23% versus estimates of -13.3% on 3/28. Other sectors with growth currently below estimates are Energy, Financials, Health Care and Industrials. Technology has been the big winner this quarter so far. EPS growth currently stands at 28.8% for the 21.1% of Tech companies that have reported (compared to estimates of 7.9%). Consumer Staples and Materials are the two other sectors with EPS growth that is currently better than expected.