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Takeaway: Only three sectors in ten have positive earnings growth of the 485 S&P 500 companies that have reported earnings.

S&P 500 Earnings Are Almost All In. The Verdict Isn't Good - SPX earnings snow

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%."

 

S&P 500 Earnings Are Almost All In. The Verdict Isn't Good - z spp

**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.