89% of companies in the S&P 500 have reported and earnings continue to show remarkable growth. **8.0% YoY and 25.4% vs. Q4**!

https://i.imgur.com/59YZjtz.png

After earnings tumbled 27% over 4 quarters, the S&P 500 is beginning to show signs that a profound “earnings recession” is finally come to an end and reversing course.

• 2023 Q1 vs. 2022 Q1 EPS grew 8.0%

• 2023 Q1 vs 2022 Q4 EPS grew 25.4%

Does this make a soft-landing increasingly plausible given a mild recession? Markets tend to bottom way before earnings do and that may explain the drop in June and October. If the Fed cuts while earnings remain stable, could that spark a new bull market in the second half of the year?