, with 155 companies representing over $9 trillion in market capitalization in the queue, more than 35 percent of the total for the index.
Refinitiv data shows analysts expect the first year-over-year earnings decline since 2016. As of Thursday morning, they see profits declining 1.7 per cent. Forrest said that while some companies have been able to hold the line on earnings due to their ability to control costs, investors would rather see earnings growing on consumer strength.
That return to growth has also been cast into doubt by the less than enthusiastic picture being painted by corporate outlooks. The current ratio of negative to positive preannouncements stands at 2.7, well above the 1.5 average over the past four quarters but in line with the long-term average dating to 1997.
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