Median Excess Return vs. S&P 500 on Day After Earnings Report

While positive earnings surprises still led to outperformance in 1Q, the magnitude of that outperformance was smaller than usual for the quarter, due to broader macroeconomic concerns or already high expectations priced into stocks.

Image: Goldman Sachs Global Investment Research

Median Excess Return vs. S&P 500 on Day After Earnings Report