S&P 500 Q2 earnings estimates hit lowest level since 2020

Yahoo Finance Live’s Brian Sozzi breaks down the stat of the day.

Video transcript

- All right, bracing for a rough earnings season this month as our Stat of the Day shows, the estimated second quarter earnings growth rate for the S&P 500 is 4.1%. If 4.1% is the actual growth rate for the quarter, it will mark the lowest year over year growth rate reported by the index since the fourth quarter of 2020. Back then, profit growth clocked in at only 3.8%.

Now I do want to get a quick check of the markets before we head to break. We're seeing losses on Wall Street accelerate since that opening bell. You saw the premarket, Dow was down about 400 points. Now seeing the Dow down close to 600 points, S&P 500 and NASDAQ also deeply in the red as traders probably digest the Tesla delivery miss, but also take an eye to the jobs report coming on Friday and what that may or may not mean to Fed policy.