R2000 1Q26 YoY earnings are up 15% (down from 21% two weeks ago) versus -4.5% expectations (with a third more companies reporting). Top line growth ebbed to 8.6% YoY (down from 10% two weeks ago). Ex-Gold Inc. (GOLD), whose sales are sizably inflated by higher gold pass-through prices, revenue growth would be 7.2%. 63% of companies are beating earnings expectations (down from 67%) while 64% are beating top line estimates (down from 66%). Ex-Fins, earnings are up 7.7% (vs 12.5% two weeks ago) vs -14% expectations. Blended expectations (reported & expected) are for 15.4% earnings growth. Consumer Discretionary earnings are down -4.7% YoY (driven largely by Homebuilders as well as GT, FUN, GENI and SNBR) but that’s an improvement from two weeks ago with solid reports by SG, FLWS, PTON, CALY and AXL. Higher gas prices are certainly affecting the consumer, however, most recently reflected in WMT’s lackluster forward guidance. But Cons Disc expectations have been falling for some time yet 1Q26 earnings positively surprised and 4Q26 expectations ticked up – have we seen the worst of downbeat views on the consumer?