With just over a third of the fourth quarter 2020 earnings reports for S&P 500 companies now known, earnings show positive surprises (82% beat consensus EPS expectations): a lower than expected year-over-year decline and came in 13.6% above expectations. Moreover, it is not ruled out that, if earnings continue to beat expectations, when all reports have been released we will see year-over-year earnings growth for the first time since the last quarter of 2019. Technology, Healthcare and Consumer Discretionary are the sectors leading earnings growth, while Energy and Industrials lead the decliners. For 2021, analysts expect a clear recovery in corporate earnings growth, with an expected increase of 19.6% for Q1 and 23.6% for the full year.