Sales growth is down 1.9% from a year earlier, and earnings growth is down 0.36%. The consumer discretionary sector has been led by Comcast and Amazon, while revenue and earnings declines at Conoco Phillips and Occidental Petroleum have been a drag on the energy sector's results.
Source: Factset; Morgan Stanley; Bloomberg LP
Analysis by Morgan Stanley shows that forward earnings guidance hasn't been this negative since the first quarter of 2007.
Earnings-per-share estimates for 2013 are down 5% from the beginning of the year; the majority of estimate revisions occurred during the past three months.