The first quarter earnings season for the S&P 500 is showing a weaker start compared to recent averages, with 71% of companies beating earnings per share (EPS) estimates, below the five-year average of 77% and the ten-year average of 75%. Additionally, 61% of companies have surpassed revenue estimates, which is also below the five-year average of 69% and the ten-year average of 64%. Despite this, the S&P 500 is reporting year-over-year earnings growth of 7.2%, matching the estimate made on March 31. Revenue growth stands at 4.3%, slightly below the estimated 4.4%. Earnings surprises have been generally positive, with an average surprise of 6.5% among 59 companies reporting, except for the energy sector where surprises are weaker, and healthcare where sales surprises are less positive. Wall Street is focusing on capital expenditures amid expectations of Corporate America's slowest quarterly earnings growth in a year.