Loading ...At the start of 2019, analysts estimated S&P 500 profit growth for the year would be around 7.6%, according to FactSet. That number has slumped to 2.3%. The percentage point drop in estimates is the biggest decline in three years, since 2016 when estimates fell from 7.8% to 1.3%, FactSet data shows.
Matt Maley, Miller Tabak managing director and chief market strategist, points out that even if the U.S. economy avoids a recession, the economy is slowing and earnings growth is “grinding to a halt.” As Maley said, “It’s hard for the market to rally a whole lot from here.”
FROM Murph tonight
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