With EPS beats surpassing misses by a rather normal 4:1 ratio, 1Q23 earnings have been characterized as ‘better-than-feared.’ That said, since the Q1 earnings season began, the S&P 500’s returns have not been particularly impressive. This suggests to Wells Fargo equity analyst Christopher Harvey that rather than being boosted by earnings/fundamentals, the gains accrued so far this year have been driven mostly by ‘funding and liquidity.’ If that is indeed the case, the outlook is not promising. “