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Expand chart
Data: FactSet; Chart: Axios Visuals

Thanks to a cadre of better-than-expected earnings results from the companies that have reported their fourth-quarter earnings so far, the earnings growth rate for the S&P 500 has risen to 0.7%.

Why it matters: That is a far cry from the estimated earnings decline of -1.7% at the end of the quarter. If it holds, this would mark the first time the index has reported year-over-year growth in earnings since Q4 2018. 

What's happening: Positive earnings surprises have led to a net $8.5 billion increase in earnings for the index since Dec. 31, FactSet senior earnings analyst John Butters notes.

  • This has been driven largely by IT companies, which have accounted for $5.4 billion of the net $8.5 billion increase (or about 63%).
  • "The positive earnings surprises reported by Apple ($4.99 vs. $4.55), Microsoft ($1.53 vs. $1.32), and Intel ($1.52 vs. $1.25) were substantial contributors to the increase in earnings for the index during this time," Butters says.

Go deeper: S&P 500 earnings continue to improve

Go deeper

America's child care sticker shock

Illustration: Sarah Grillo/Axios

Parents looking to return to the job market may find child care options have gotten pricier — and that's if they can enroll their kids at all.

Why it matters: The fate of the recovery partially relies on the return of parents who left the workforce to care for their children.

Biden's major border shake-up

A migrant family waits to be taken to a Border Patrol processing facility after crossing the Rio Grande River. Photo: Brandon Bell/Getty Images

Vice President Kamala Harris' trip to the border on Friday will play out amid the Biden administration widening shake-up of U.S. border policy and leadership.

Driving the news: Rep. Henry Cuellar (D-Tex.) tells Axios that he's been advised by a border official that as soon as mid-July the Biden administration will end all use of Title 42, a Trump-era policy citing coronavirus as rationale to block migrants at the border.

DeSantis signs law requiring college faculty, students to take surveys on beliefs

Florida Gov. Ron DeSantis. Photo: Joe Raedle/Getty Images

Florida Gov. Ron DeSantis (R) signed legislation requiring state colleges and universities to annually survey their students, faculty and staff about their beliefs to ensure "viewpoint diversity and intellectual freedom."

Why it matters: The legislation doesn't specify for what the survey results will be used, but at a press conference on Tuesday DeSantis said that schools found to be "indoctrinating" students aren't "worth tax dollars" and are "not something we’re going to be supporting going forward."