This is the longest earnings recession without an economic recession (if it hasn’t started).

• The S&P 500 forward earnings year-over-year growth has slowed to less than 1% from a cycle peak of 23% just 14 months ago, UBS says.
• Declining earnings expectations don’t bode well for stocks as the last six times in the past 35 years have all seen compression in stock valuation and declines in the S&P 500, the bank says.
• “There is no debate on S&P 500 forward earnings: a contraction appears imminent,” says UBS equity strategist Francois Trahan. “An actual contraction in forward earnings usually spells a difficult backdrop for the overall equity market.”

www.cnbc.com/2019/11/06/stocks-may-be-rallying-to-records-but-the-earnings-outlook-is-darkening.html