Earning season is around the corner, and analysts are getting more and more pessimistic.
FactSet found that earnings-per-share estimates for S&P 500 companies have fallen 8.2 percent since the year began, the largest drop since the first quarter of 2009.
Analysts now expect to see an earnings decrease of 4.2 percent from the first quarter of the year prior. And while analysts tend to underestimate the actual numbers, if earnings do decline from the first quarter of 2014, that would be the first year-over-year drop registered since the third quarter of 2012.
Given the plunge in oil prices, it should be no surprise that energy stocks are expected to post the biggest year-over-year earnings decrease (a gargantuan 64 percent decline is expected). But half of the 10 S&P sectors are expected to see earnings diminish, including the consumer staples sector.