One Bit Of Good News In What's Turning Out To Be A Gloomy Earnings Season

So far, excluding financials, the S&P 500 companies that have reported Q4 earnings below analysts' estimates outnumber the ones that have beat them.

However, the tally for revenue is a bit more upbeat, which suggests demand is stronger than expected.

39% of firms beat consensus sales expectations by more than one standard deviation, which is slightly higher than the historical average of 38%, according to a report by Goldman Sachs.

While the number of companies' missing estimates is less than average, the number that missed sales estimates by at least one standard deviation is slightly higher than usual at 22% versus the 18% average, according to the report.

"This is an improvement versus the last two quarters when half as many firms beat sales expectations while twice as many missed," write the analysts at Goldman.

Still, it's far too early in the earnings season to jump to any conclusions.