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Earnings reporting season starts this week and investors don't expect it to be great

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Wall Street analysts have significantly cut their earnings expectations for the third quarter in recent months.

The third quarter earnings season will take its first big steps this week, but Wall Street has already been dialing back expectations for months. According to a FactSet note on Friday, companies in the S & P 500 are projected to see a 4.2% increase in earnings compared to the same quarter a year ago, down from an expected 7.8% on June 30. That shift could be a sign that Wall Street is losing confidence in corporate America.

And while the revision might seem big, third quarter growth estimates typically do decline in the preceding months. Over the past 20 years, the median revision for earnings expectations from July 1 to Oct. 7 is 3.2 percentage points, only a little below the past quarter's 3.6-point change, according to Strategas. Of course, markets are forward looking, and investors will also be paying close attention to companies' own projections for the fourth quarter and beyond, Kwon said.

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