Basic materials companies have been hardest hit, with current estimates now 13 percentage points below estimates from the beginning of the month. Financial companies have seen the second biggest fall in estimates, down more than 5 percentage points.
Overall, the companies of the S&P 500 are expected to report $19.65 in per share earnings. S&P 500 earnings are expected to peak in 4Q at $22 a share. Interestingly, 4Q estimates have not been revised lower.