S&P 500 earnings could turn negative for 2019 amid the trade war

Analysts are lowering their earnings estimates for the quarters ahead as the trade war between the U.S. and China escalates.

Some sectors are complicated by individual companies not directly tied to tariffs or global trade. Industrial earnings, for example, are complicated by the particular case of Boeing and its issue with the 737 Max jet. Third quarter earnings are estimated to fall 38.5% from expectations earlier in the year.

Regardless, tariffs are a major obsession for corporate America. John Butters at Factset notes that nearly one-fourth of the companies in the S&P 500 discussed the term "tariff" on earnings calls for the second quarter, a 40% jump from the second quarter.

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