Line chart showing the estimated S&P 500 earnings-per-share over the next 12 months, daily, from May 5, 2022, to May 5, 2023. on May 5, 2022, it was $234. This rose to almost $238 in July 2022 but then began to drop. In February 2023 it was at $225, the low for this time period. On April 14, 2023 when Q1 earnings season began it was $226. On May 5, 2023, it was $228.