The S&P 500's Q1 earnings were a pleasant surprise

With 496 S&P 500 companies having reported first quarter earnings, more than three quarters (75.6%) beat expectations, with Q1 earnings now expected to increase 1.6%, data from Lipper shows.

What it means: That's a far cry from the first stage of an earnings recession analysts feared early in the year.

Labor's shrinking share of profits

Data: Federal Reserve Bank of St. Louis; Chart: Axios Visuals