S&P 500 Earnings Estimates Are Falling

Industry analysts who cover the S&P 500 companies are responding to the current earnings reporting season for Q3-2022 by continuing to cut their earnings estimates  for Q4-2022 and all four quarters of next year  (charts below). They've been doing so through the last week of October when several of the MegaCap-8 reported disappointing earnings.

The 344 of the S&P 500 companies that have reported so far (through Wednesday) collectively has a y/y revenue gain of 10.7% but an earnings gain of only 5.1%, as higher costs are pressuring profit margins. Excluding Energy, S&P 500 revenue growth falls to 7.3% y/y from 10.7% and earnings growth drops to -2.9% from 5.1%.