U.S. corporate earnings lose their tax-cut mojo

Earnings of S&P 500 Index companies in the second quarter are currently forecast to be 0.3% lower than in the same period in 2018, according to a blend of reported results and analyst estimates compiled on July 15 by Refinitiv.

On July 1, projections still showed a small increase on last year. On July 1, 2018, analysts were forecasting second-quarter 2019 earnings to be up 10.6% year-on-year. First-quarter earnings rose 1.6% from the same period a year earlier, compared with year-on-year growth of 16.9% in the fourth quarter of 2018. Analysts expect year-on-year profit growth to rebound to 9.9% in the first quarter of 2020.

The S&P 500 Index closed at a record high of 3,013.77 on July 12, up 20% so far this year. The Dow Jones Industrial Average and the Nasdaq Composite also hit record closing highs.

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