While only 25 companies have reported so far, earnings for the SP500 are coming in down a nasty -10.9% so far in the quarter. This of course jives with one of our key Q3 Macro Themes, appropriately named (and hash tagged) #EarningsRecession.
In part, of course, this is related to tough comparisons and as the Chart of the Day shows, earnings growth comparisons for Q2 and Q3 are very challenging. Now what doesn’t jive is a stock market up double digits and earnings down double digits . . .