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CEOs are more nervous than they're letting on, according to this research company

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Here's what the Late Earnings Report Index can tell us about the confidence of company CEOs.

With the second-quarter earnings season fast approaching, chief executives are the least confident in the future they have been since the start of the COVID-19 pandemic, based on this metric.

The LERI, or Late Earnings Report Index, devised by market data company Wall Street Horizon, is currently sitting at its highest level since the first quarter of 2020, just as the first lockdowns were being put in place. Academic research has found that when companies push the date of their earnings release to later in the quarter than usual, it suggests bad news to come, and executives are trying to stave off the inevitable disappointment.

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