The Q1 2019 earnings season is upon us.

Overall, the expectation is that earnings will decline slightly compared to Q4 2018. This could be the first earnings decline since the second quarter of 2016. Last year saw a tailwind provided by federal tax cut legislation, after steady growth in 2017.

Aggregate earnings for the S&P 500 are projected to be -3.9% lower than the same period last year on 4% higher revenues. Traders may recall that earnings growth in Q4 2018 was 13.4 percent.

Below is some food for thought as outlined by FactSet.

Earnings Growth: For Q1 2019, the estimated earnings decline for the S&P 500 is -3.9%. If -3.9% is the actual decline for the quarter, it will mark the first year-over-year decline in earnings for the index since Q2 2016.

Earnings Revisions: On December 31, the estimated earnings growth rate for Q1 2019 was 2.9%. All eleven sectors have lower growth rates today (compared to December 31) due to downward revisions to EPS estimates.

Earnings Guidance: For Q1 2019, 79 S&P 500 companies have issued negative EPS guidance and 28 S&P 500 companies have issued positive EPS guidance.

Valuation: The forward 12-month P/E ratio for the S&P 500 is 16.3. This P/E ratio is below the 5-year average (16.4) but above the 10-year average (14.7).

Earnings Scorecard: For Q1 2019 (with 20 companies in the S&P 500 reporting actual results for the quarter), 17 S&P 500 companies have reported a positive EPS surprise and 11 have reported a positive revenue surprise.

Below is a table identifying the percentage of names in each index that is reporting, arranged by trading week. Following that table is a list of Top Ten Holdings for key indexes, along with their earnings announcement dates, and corresponding bold trades using Direxion Leveraged ETFs.

q1-2019-earnings-calendar

Source: Bloomberg.

Q1 Quarterly Earnings Calendar

(All index data as of 3/31/2019)

S&P 500 Index (SPXT)S&P 400 Index (MID)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
MICROSOFT CORPMSFT UW3.85%5/1/2019IDEX CORPIEX UN0.69%4/29/2019
APPLE INCAAPL UW3.56%4/30/2019ZEBRA TECHNOLOGIES CORP-CL AZBRA UW0.68%5/7/2019
AMAZON.COM INCAMZN UW3.13%4/25/2019STERIS PLCSTE UN0.63%5/8/2019
FACEBOOK INC-CLASS AFB UW1.70%4/24/2019ULTIMATE SOFTWARE GROUP INCULTI UW0.63%4/30/2019
BERKSHIRE HATHAWAY INC-CL BBRK/B UN1.66%5/6/2019TRIMBLE INCTRMB UW0.61%5/6/2019
JOHNSON & JOHNSONJNJ UN1.57%4/16/2019DOMINO’S PIZZA INCDPZ UN0.61%4/25/2019
ALPHABET INC-CL CGOOG UW1.55%4/29/2019PTC INCPTC UW0.60%4/17/2019
ALPHABET INC-CL AGOOGL UW1.52%4/29/2019CAMDEN PROPERTY TRUSTCPT UN0.59%5/5/2019
EXXON MOBIL CORPXOM UN1.46%4/26/2019UGI CORPUGI UN0.59%5/1/2019
JPMORGAN CHASE & COJPM UN1.39%4/12/2019NVR INCNVR UN0.58%4/18/2019
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 Russell 2000® Index (RU20INTR)Russell 1000 Financial Services Index (RGUSFLA)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
ETSY INCETSY UW0.40%5/7/2019BERKSHIRE HATHAWAY INC-CL BBRK/B UN7.38%5/6/2019
FIVE BELOWFIVE UW0.32%3/27/2019JPMORGAN CHASE & COJPM UN6.28%4/12/2019
INTEGRATED DEVICE TECH INCIDTI UW0.32%4/29/2019VISA INC-CLASS A SHARESV UN5.20%4/24/2019
TRADE DESK INC/THE -CLASS ATTD UQ0.31%5/9/2019BANK OF AMERICA CORPBAC UN4.66%4/16/2019
HUBSPOT INCHUBS UN0.31%5/9/2019MASTERCARD INC – AMA UN4.03%5/1/2019
PLANET FITNESS INC – CL APLNT UN0.29%5/7/2019WELLS FARGO & COWFC UN3.84%4/12/2019
CREE INCCREE UW0.29%5/1/2019CITIGROUP INCC UN2.76%4/15/2019
CIENA CORPCIEN UN0.27%5/30/2019PAYPAL HOLDINGS INCPYPL UW2.30%4/24/2019
PRIMERICA INCPRI UN0.26%5/7/2019AMERICAN TOWER CORPAMT UN1.62%5/1/2019
COUPA SOFTWARE INCCOUP UW0.25%6/3/2019AMERICAN EXPRESS COAXP UN1.45%4/18/2019
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Technology Select Sector Index (IXTTR)Health Care Select Sector Index (IXVTR)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
MICROSOFT CORPMSFT UW18.22%5/1/2019JOHNSON & JOHNSONJNJ UN10.79%4/16/2019
APPLE INCAAPL UW16.85%4/30/2019PFIZER INCPFE UN6.89%4/30/2019
VISA INC-CLASS A SHARESV UN5.47%4/24/2019UNITEDHEALTH GROUP INCUNH UN6.83%4/16/2019
INTEL CORPINTC UW4.84%4/25/2019MERCK & CO. INC.MRK UN6.26%4/30/2019
CISCO SYSTEMS INCCSCO UW4.72%5/15/2019ABBOTT LABORATORIESABT UN4.06%4/17/2019
MASTERCARD INC – AMA UN4.24%5/1/2019MEDTRONIC PLCMDT UN3.57%5/23/2019
ORACLE CORPORCL UN2.73%6/18/2019ABBVIE INCABBV UN3.48%5/2/2019
ADOBE INCADBE UW2.61%6/18/2019AMGEN INCAMGN UW3.43%4/23/2019
INTL BUSINESS MACHINES CORPIBM UN2.51%4/16/2019ELI LILLY & COLLY UN3.31%4/30/2019
SALESFORCE.COM INCCRM UN2.46%5/28/2019THERMO FISHER SCIENTIFIC INCTMO UN3.19%4/24/2019
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S&P Consumer Discretionary Index (IXYTR)S&P Consumer Staples Index (IXRTR)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
AMAZON.COM INCAMZN UW24.27%4/25/2019PROCTER & GAMBLE CO/THEPG UN14.98%4/23/2019
HOME DEPOT INCHD UN9.87%5/21/2019COCA-COLA CO/THEKO UN10.43%4/23/2019
MCDONALD’S CORPMCD UN6.62%4/30/2019PEPSICO INCPEP UW9.96%4/17/2019
NIKE INC -CL BNKE UN4.84%6/27/2019WALMART INCWMT UN8.14%5/16/2019
STARBUCKS CORPSBUX UW4.19%4/25/2019MONDELEZ INTERNATIONAL INC-AMDLZ UW4.63%4/30/2019
LOWE’S COS INCLOW UN3.92%5/22/2019COSTCO WHOLESALE CORPCOST UW4.54%5/30/2019
BOOKING HOLDINGS INCBKNG UW3.67%5/8/2019ALTRIA GROUP INCMO UN4.46%4/25/2019
TJX COMPANIES INCTJX UN3.02%5/21/2019PHILIP MORRIS INTERNATIONALPM UN4.39%4/18/2019
GENERAL MOTORS COGM UN2.23%4/30/2019COLGATE-PALMOLIVE COCL UN4.05%4/26/2019
TARGET CORPTGT UN1.92%5/22/2019WALGREENS BOOTS ALLIANCE INCWBA UW3.48%4/2/2019
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Related Funds:

S&P Industrials Select Sector Index (IXITR)S&P Energy Select Sector Index (IXETR)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
BOEING CO/THEBA UN8.86%4/24/2019EXXON MOBIL CORPXOM UN22.48%4/26/2019
3M COMMM UN5.43%4/23/2019CHEVRON CORPCVX UN19.35%4/26/2019
UNION PACIFIC CORPUNP UN5.32%4/18/2019CONOCOPHILLIPSCOP UN6.38%4/26/2019
HONEYWELL INTERNATIONAL INCHON UN5.23%4/18/2019EOG RESOURCES INCEOG UN4.55%5/2/2019
UNITED TECHNOLOGIES CORPUTX UN4.65%4/23/2019SCHLUMBERGER LTDSLB UN4.48%4/18/2019
GENERAL ELECTRIC COGE UN4.00%4/18/2019OCCIDENTAL PETROLEUM CORPOXY UN4.16%5/7/2019
CATERPILLAR INCCAT UN3.45%4/24/2019MARATHON PETROLEUM CORPMPC UN3.46%4/29/2019
UNITED PARCEL SERVICE-CL BUPS UN3.43%4/25/2019PHILLIPS 66PSX UN3.40%4/30/2019
LOCKHEED MARTIN CORPLMT UN3.30%4/23/2019KINDER MORGAN INCKMI UN3.24%4/17/2019
CSX CORPCSX UW2.58%4/16/2019VALERO ENERGY CORPVLO UN3.01%4/25/2019
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S&P Utilities Select Sector Index (IXUTR)Dynamic Pharmaceutical Intellidex Index (DZRTR)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
NEXTERA ENERGY INCNEE UN11.70%4/23/2019ELI LILLY & COLLY US5.41%4/30/2019
DUKE ENERGY CORPDUK UN8.35%5/9/2019ABBOTT LABORATORIESABT US5.33%4/17/2019
DOMINION ENERGY INCD UN7.71%4/26/2019MERCK & CO. INC.MRK US5.27%4/30/2019
SOUTHERN CO/THESO UN6.82%5/1/2019JOHNSON & JOHNSONJNJ US5.19%4/16/2019
EXELON CORPEXC UN6.17%5/1/2019AMGEN INCAMGN US5.15%4/23/2019
AMERICAN ELECTRIC POWERAEP UN5.32%4/25/2019PFIZER INCPFE US5.11%4/30/2019
SEMPRA ENERGYSRE UN4.31%5/6/2019BRISTOL-MYERS SQUIBB COBMY US4.89%4/25/2019
PUBLIC SERVICE ENTERPRISE GPPEG UN3.80%4/29/2019BIOGEN INCBIIB US3.68%4/24/2019
XCEL ENERGY INCXEL UW3.70%4/25/2019HORIZON PHARMA PLCHZNP US3.47%5/8/2019
CONSOLIDATED EDISON INCED UN3.45%5/2/2019ALLERGAN PLCAGN US3.03%4/26/2019
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Related Funds:

S&P Retail Select Industry Index (SPSIRETR)S&P Biotechnology Select Industry Index (SPSIBITR)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
CARVANA COCVNA UN1.36%5/8/2019LIGAND PHARMACEUTICALSLGND UQ1.75%5/7/2019
ULTA BEAUTY INCULTA UW1.30%5/30/2019MIRATI THERAPEUTICS INCMRTX UW1.72%5/7/2019
ADVANCE AUTO PARTS INCAAP UN1.29%5/23/2019IONIS PHARMACEUTICALS INCIONS UW1.72%5/3/2019
AMAZON.COM INCAMZN UW1.28%4/25/2019NEUROCRINE BIOSCIENCES INCNBIX UW1.71%4/29/2019
TIFFANY & COTIF UN1.27%6/4/2019IMMUNOMEDICS INCIMMU UQ1.67%5/9/2019
OFFICE DEPOT INCODP UW1.26%5/8/2019INTERCEPT PHARMACEUTICALS INICPT UW1.66%5/7/2019
L BRANDS INCLB UN1.25%5/22/2019BLUEBIRD BIO INCBLUE UW1.66%5/1/2019
BJ’S WHOLESALE CLUB HOLDINGSBJ UN1.25%6/15/2019SEATTLE GENETICS INCSGEN UW1.64%4/25/2019
CARMAX INCKMX UN1.25%3/29/2019SAGE THERAPEUTICS INCSAGE UQ1.64%5/2/2019
STITCH FIX INC-CLASS ASFIX UW1.25%6/10/2019ARRAY BIOPHARMA INCARRY UQ1.63%5/7/2019
Related Funds:

Related Funds:

S&P Oil & Gas Exploration and Production Index (SPSIOP)S&P Regional Banks Select Industry Index (SPSIRBKT)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
CALIFORNIA RESOURCES CORPCRC UN2.43%5/2/2019FIRST REPUBLIC BANK/CAFRC UN1.84%4/12/2019
OASIS PETROLEUM INCOAS UN2.27%5/6/2019CIT GROUP INCCIT UN1.80%4/23/2019
DEVON ENERGY CORPDVN UN2.26%5/1/2019PNC FINANCIAL SERVICES GROUPPNC UN1.78%4/12/2019
NOBLE ENERGY INCNBL UN2.23%4/30/2019SIGNATURE BANKSBNY UW1.78%4/18/2019
CHESAPEAKE ENERGY CORPCHK UN2.23%5/1/2019STERLING BANCORP/DESTL UN1.78%4/23/2019
WHITING PETROLEUM CORPWLL UN2.19%4/30/2019PEOPLE’S UNITED FINANCIALPBCT UW1.77%4/18/2019
RANGE RESOURCES CORPRRC UN2.16%4/25/2019CULLEN/FROST BANKERS INCCFR UN1.76%4/25/2019
SM ENERGY COSM UN2.15%5/2/2019PACWEST BANCORPPACW UW1.76%4/16/2019
WPX ENERGY INCWPX UN2.15%5/1/2019FIFTH THIRD BANCORPFITB UW1.74%4/23/2019
APACHE CORPAPA UN2.13%5/1/2019FIRST HORIZON NATIONAL CORPFHN UN1.74%4/12/2019
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MSCI US REIT Index (RMSG)PHLX Semiconductor Sector Index (XSOX)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
SIMON PROPERTY GROUP INCSPG UN6.14%4/25/2019NVIDIA CORPNVDA UW8.85%5/15/2019
PROLOGIS INCPLD UN4.97%4/16/2019QUALCOMM INCQCOM UW8.39%5/1/2019
EQUINIX INCEQIX UW3.94%5/1/2019BROADCOM INCAVGO UW8.33%6/6/2019
PUBLIC STORAGEPSA UN3.78%4/25/2019TEXAS INSTRUMENTS INCTXN UW7.91%4/23/2019
WELLTOWER INCWELL UN3.24%4/28/2019INTEL CORPINTC UW7.79%4/25/2019
AVALONBAY COMMUNITIES INCAVB UN3.04%4/25/2019ADVANCED MICRO DEVICESAMD UW4.22%4/24/2019
EQUITY RESIDENTIALEQR UN3.03%4/30/2019TAIWAN SEMICONDUCTOR-SP ADRTSM UN3.99%4/18/2019
DIGITAL REALTY TRUST INCDLR UN2.68%4/28/2019APPLIED MATERIALS INCAMAT UW3.99%5/16/2019
VENTAS INCVTR UN2.54%4/25/2019LAM RESEARCH CORPLRCX UW3.95%4/24/2019
REALTY INCOME CORPO UN2.39%5/8/2019XILINX INCXLNX UW3.90%4/24/2019
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Dow Jones Transportation Average (DJTTR)Dow Jones U.S. Select Aerospace & Defense Index (DJSASDT)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
NORFOLK SOUTHERN CORPNSC UN10.94%4/24/2019BOEING CO/THEBA UN20.60%4/24/2019
FEDEX CORPFDX UN10.56%6/25/2019UNITED TECHNOLOGIES CORPUTX UN17.43%4/23/2019
UNION PACIFIC CORPUNP UN9.76%4/18/2019LOCKHEED MARTIN CORPLMT UN6.12%4/23/2019
KANSAS CITY SOUTHERNKSU UN6.86%4/17/2019TRANSDIGM GROUP INCTDG UN4.49%5/7/2019
UNITED PARCEL SERVICE-CL BUPS UN6.54%4/25/2019GENERAL DYNAMICS CORPGD UN4.31%4/24/2019
LANDSTAR SYSTEM INCLSTR UW6.43%4/24/2019L3 TECHNOLOGIES INCLLL UN4.30%5/1/2019
HUNT (JB) TRANSPRT SVCS INCJBHT UW5.92%4/15/2019RAYTHEON COMPANYRTN UN4.28%4/25/2019
C.H. ROBINSON WORLDWIDE INCCHRW UW5.16%5/7/2019HARRIS CORPHRS UN4.27%5/1/2019
UNITED CONTINENTAL HOLDINGSUAL UW4.67%4/16/2019NORTHROP GRUMMAN CORPNOC UN4.07%4/24/2019
KIRBY CORPKEX UN4.59%4/24/2019TEXTRON INCTXT UN3.11%4/17/2019
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ISE Natural Gas Index (FUMTR)Dow Jones U.S. Select Home Builders Index (DJSHMBT)
Top 10 WeightsTickerWeight in the indexExpected Earnings ReleaseTop 10 WeightsTickerWeight in the indexExpected Earnings Release
NOBLE ENERGY INCNBL UN4.94%4/30/2019DR HORTON INCDHI UN14.03%4/25/2019
EQT CORPEQT UN4.84%4/25/2019LENNAR CORP-ALEN UN13.51%3/27/2019
CABOT OIL & GAS CORPCOG UN4.67%4/26/2019NVR INCNVR UN9.54%4/18/2019
DEVON ENERGY CORPDVN UN4.67%5/1/2019PULTEGROUP INCPHM UN6.93%4/23/2019
RANGE RESOURCES CORPRRC UN4.51%4/25/2019TOLL BROTHERS INCTOL UN4.85%5/21/2019
MURPHY OIL CORPMUR UN4.41%5/1/2019LOWE’S COS INCLOW UN4.52%5/22/2019
ENCANA CORPECA UN4.34%5/1/2019HOME DEPOT INCHD UN4.48%5/21/2019
NATIONAL FUEL GAS CONFG UN4.32%5/2/2019SHERWIN-WILLIAMS CO/THESHW UN3.29%4/23/2019
CONCHO RESOURCES INCCXO UN4.30%5/5/2019MASCO CORPMAS UN2.64%4/25/2019
ANTERO RESOURCES CORPAR UN4.28%4/24/2019LENNOX INTERNATIONAL INCLII UN2.35%4/22/2019
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