Earnings Outlook: An earnings recession looms for first time in 3 years

The S&P 500 looks set to suffer its first earnings recession in three years, led by year-over-year declines in the materials and technology sectors, as a flood of earnings warnings hit.

The unofficial start of the second-quarter earnings reporting season is less than a week away, and preliminary reports suggest the outlook keeps getting worse. The blended year-over-year growth estimate for earnings per share for the S&P 500 SPX, -0.35% , which represents already reported results and the average analyst estimates of coming results, is negative 2.93% as of early Tuesday, with six of 11 sectors estimated to post declines, according to data provided by FactSet.

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