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Wall Street hasn't been this negative about earnings growth in three years

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Earnings growth is grinding to a halt. The drop in earnings growth estimates is the largest since 2016.

At the start of the year, analysts estimated S&P 500 earnings growth for the year would be around 7.6%, according to FactSet. That number is now 2.3%.

Earnings growth estimates have come down drastically since the beginning of the year, when many investors were expecting a big year for the U.S. economy. Economic uncertainty reigns as the trade war between the U.S. and China has placed increasing strain on the global economy, prompting policymakers to respond with interest rate cuts and stimulus measures to bolster growth.

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