NEW YORK (CNN/Money) - You wouldn't know it from the stock market, but corporate earnings so far have been just fine.

In the week since Alcoa (Research) unofficially kicked off the third-quarter earnings season, the S&P 500 index has dropped about 2.5 percent, with investors worried about record-high oil prices as well as some high-profile weak profit reports, notably General Motors (Research) on Thursday.

But overall, earnings have actually been on track with recent quarters, according to Thomson/First Call estimates.

Of the 50 members of the S&P 500 that have reported so far, 32 have beaten, 7 have missed and 11 have matched.

"Reported S&P 500 earnings are, on average, up about 11 percent from a year ago," said Mark Mousseau, a research analyst at Thomson/First Call. "That's based on a pretty small sample so far, but it's roughly in line with recent quarters."

Analysts surveyed by Thomson/First Call currently expect year-over-year earnings growth of 13.6 percent for the quarter, versus 13.5 percent a week ago.

Actual reported earnings tend to be a bit higher, analysts at First Call said, noting that estimates indicate year-over-year growth will probably end up at about 17 percent.

And while that's weaker than the last four quarters, when earnings were growing at a blistering pace of better than 20 percent, it's not that bad considering all the pessimism on Wall Street right now.

The corporate report card will look a little clearer next week, when about 180 companies in the S&P 500 are due to report results. The writers and editors at CNN/Money look at 11 likely to be the most influential.  

-- from CNN/Money Staff Writers Parija Bhatnagar, Krysten Crawford, Chris Isidore, Paul La Monica and Alexandra Twin