As stock-market investors worry about the damage to equities being inflicted by a jump in Treasury yields, revisions to S&P 500 earnings forecasts may also be souring sentiment.
The cuts to earnings forecasts marks a shift from earlier market commentary on “the recent upswing in estimates” bringing fresh optimism about corporate profits, according to DataTrek. Colas said that many trading algorithms use revisions to earnings forecasts as an input. Most of the S&P 500’s 11 sectors are down so far in September, with only energy and utilities posting month-to-date gains around midday Monday. The utilities sector was clinging to a 0.5% gain month to date, while the S&P 500’s energy stocks were up 2.4% amid higher oil prices CL00, +0.12% in September.
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