U.S. companies face more pain as expected ‘earnings recession’ looms

, which Credit Suisse estimates will be the worst earnings season outside of a recession in 24 years.

Fourth-quarter results are in already from 344 of the S&P 500 companies, and the quarter’s earnings are estimated at this point to have fallen 2.8 per cent from the year-ago period, according to IBES data from Refinitiv. “What’s clear is the speed with which the 2023 numbers are falling is just worse than ,” said Jonathan Golub, chief U.S. equity strategist & head of quantitative research at Credit Suisse Securities in New York.

The S&P 500 notched its biggest percentage weekly decline since mid-December last week, though the index is up about 7 per cent for the year to date.

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