Q1 bottom-up operating EPS for the S&P 500 sank slightly to $54.94 after the second month of reporting.  However, with reporting for the Index nearly complete, this figure is still 70 cents above the final pre-reporting estimate recorded at the end of March. The fifteen months of Q1 snail trail in Chart 1 shows remarkably consistent estimates, especially given our recent “ski slope” quarters of 2023. EPS estimates, at least in the aggregate, continue to hold up nicely for the other three quarters of 2024 reporting as well.