The average one-day change of the 197 companies that have reported earnings so far this season has been +0.11%, so there has been a slight positive bias to reports. But there is some pretty big divergence between sectors in terms of report-day performance. As shown below, the average Energy stock that has reported has gained 3.07% on its report day, while Materials stocks have gained 2.41% and Technology stocks have gained 1.85%. On the flip side, Consumer Staples and Consumer Discretionary stocks have gotten crushed on their report days. Heading into earnings season, Energy, Materials and Tech stocks were getting hit hard, so it appears as if investors overshot to the downside on these sectors. Consumer Discretionary and Consumer Staples held up relatively well leading up to earnings season, and investors look to have been too optimistic on them.