Nearly all of the companies in the S&P 500 have reported earnings. It's not's looking good. Below is some related analysis and key chart Hedgeye CEO Keith McCullough highlighted to subscribers this morning:
"Imagine consensus blamed the following reality for terrible U.S. Equity returns in the last 6 months: 485/500 S&P companies have reported an aggregate Sales decline of -4.5% (and an earnings year-over-year decline of -8.5% on non-GAAP numbers); that made-up EPS decline is right inline with the year-to-date decline of the Russell 2000 of -8.7%."
**Notice only 3 sectors in 10 have positive earnings growth.
Ask a permabull about this next time you hear them spouting off about the "great" outlook for S&P earnings.