Earnings growth is falling short of expectations thus far

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S&P 500 companies are falling short of earnings growth forecasts. Part of the reason could be high expectations as well as shifting consumer trends.

Corporate earnings are not meeting expectations thus far. Roughly 160 S & P 500 companies have posted third-quarter results thus far, with their bottom lines growing by an average of just 2.6%, per FactSet. The blended growth rate, which includes the reports already out and estimates for those on the docket, points to overall S & P 500 earnings growing at 3.4% from the year-earlier period. Both of those are below the anticipated 4.2% earnings expansion heading into the reporting period.

Research chief investment strategist Sam Stovall also noted that the bar for this season was especially high. Profits this time last year grew by more than 5% year over year. In other words, companies will have a tougher time meeting expectations. To be sure, the S & P 500 rebounded slightly from a three-day slide on Thursday thanks in part to strong earnings reports. Tesla, Whirlpool and PayPal all reported better-than-expected profits, sending their shares higher.

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