Ex-Energy S&P 500 Earnings Still Stink

For Q2 Earnings Season to-date:

1. 367 of 500 S&P 500 companies have reported an aggregate y/y non-GAAP EPS decline of -4.0%
2. 6 of 10 S&P 500 sectors have reported year-over-year EPS declines.
3. 27 of the 367 companies that have reported are “Energy” companies – and no you can’t “ex-that-out”
4. 79 of the 367 companies are called Financials, and their aggregate y/y EPS decline is -5.4% 

Bottom Line: The whole "ex-Energy earnings are great" narrative is as illusory as it is dishonest.