Amazing but true factoid via FactSet Research:
During the past week, the blended earnings growth rate for the S&P 500 declined by 2.0 percentage points (from 2.8% on October 4 to 0.8% today), and the growth rate for the Financials sector fell by more than 12 percentage points (from 8.9% on October 4 to -3.5% today. JPMorgan Chase is the largest contributor to the decline in both earnings growth rates this past week, as the company reported actual EPS of -$0.17 (including a legal expense of $1.85) for the third quarter, compared to the mean EPS estimate of $1.19. If this company is excluded, the earnings growth rate for the S&P 500 would improve to 3.3%, and the earnings growth rate for the Financials sector would improve to 12.4%.
But don’t worry, they’re not too big. Perfectly manageable!