An Update On An (Ugly) Earnings Scorecard

Remember the Old Wall consensus narrative that "earnings have bottomed"?

The key callouts:

• A total of 182 of 500 companies have reported aggregate S&P 500 year-over-year sales and earnings growth for the second quarter of +0.6% and -4.2% respectively;
• 4 of 10 S&P sectors reported negative year-over-year earnings so far;
• Energy sales and earnings growth, -22.6% and -78.7% respectively;
• Information Technology sales and earnings growth, -4.3% and -12.1% respectively;
• Financials sales and earnings growth, -0.5% and -4.5% respectively;