As widely expected, year-over-year earnings growth for the S&P 500 index has turned negative during the initial stages of the Q1 earnings season. However, companies have beaten earning estimates at a good clip and better than feared. The year-over-year earnings growth decline is largely due to the stellar earnings of 2018, which set the bar high for 2019, as the earnings growth in 2018 was fueled by tax reform. One cannot expect 20% earnings growth each quarter, so we are seeing growth decline as the benefits of tax reform and other fiscal policies wane. Read more from Ryan Nauman's Weekly Recap and subscribe to have it delivered to your inbox each week!