FactSet Senior Earnings Analyst John Butters provides a preview of the key metrics for the first quarter earnings season for the S&P 500. He then discusses predictions for the actual earnings growth rate for the S&P 500 for the first quarter assuming that the number and magnitude of positive earning surprises are at average levels. He also reviews comments on negative impacts on earnings and revenues from the small number of S&P 500 companies that have already reported results for the first quarter.