Industry Analysts Shaving S&P 500 Earnings Estimates

The industry analysts who cover the S&P 500 companies are starting to lower their earnings estimates for 2022 and 2023. Consider the following:

(1) They haven't cut their estimates by much, so far, but enough to flatten S&P 500 forward earnings after it rose to a record high four weeks ago. (Forward earnings is the time-weighted average of analysts' consensus earnings estimates for the current year and the coming year.)