Part of the Amazon (AMZN Quick QuoteAMZN - Free Report) earnings disappointment reflected the impact of the by-now familiar headwinds of logistical bottlenecks and rising expenses. But the other part is the ‘normalization’ of the ecommerce giant’s business after a period of unusually strong demand during the pandemic.

Many market watchers suspected that the strong business trends for Amazon and others during the pandemic was a result of demand getting ‘pulled forward’ that will eventually need to be accounted for. Part of what we are seeing with Amazon, Netflix (NFLX Quick QuoteNFLX - Free Report) and many others is essentially that trend at play.

Big part of the Tech sector are still thriving. In fact, most Tech companies servicing enterprises, as against consumers, are still seeing strong demand trends. Operators in cloud computing, artificial intelligence, data analytics and other areas are enjoying strong demand trends, though the stock market doesn’t appear to be in the mood at present to appreciate those distinctions.

With respect to the Q1 earnings season scorecard, we now have results from 417 S&P 500 members or 83.4% of the index’s total membership. Total earnings for these companies are up +8.6% from the same period last year on +14.9% higher revenues, with 80.6% beating EPS estimates and 75.8% beating revenue estimates.

For more details about the Q1 earnings season and expectations for the coming periods, please check out our weekly Earnings Trends report >>>>Breaking Down the First Quarter Earnings Season So Far