Here's what to watch for in the coming earnings season

Now that the Federal Reserve has made its decision—for better or worse—it's time to turn to what really matters: 1) the state of the U.S. economy, 2) the state of the rest of the world, and the impact this has for corporate revenues and earnings.

To the extent that the Fed lowered its expectations for growth, that is certainly a negative sign for earnings.

And earnings and revenues could use some help. The second half of the year was supposed to see an improvement over the first half's flat earnings growth, and negative revenue growth. Not happening.

Here's the current Q3 estimates from FactSet:
Earnings: -4.4 percent
Revenue: -2.9 percent

Much of this disappointment is due to energy, where earnings are expected to again be down a stunning 65 percent. That's not a typo—65 percent. If you remove energy, the S&P earnings would be positive 3.1 percent, revenues would be positive 2.7 percent.

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