I was one of the first reporters to point out the "earnings recession" in the S&P 500. As it stands now, we are poised for at least three consecutive quarters of negative earnings growth.
Q2 2015: -0.7 percent
Q3 2015: -1.5 percent
Q4 2015 (est.): -5.5 percent
S&P earnings for the fourth quarter would be fractionally positive were it not for the 68 percent decline in energy earnings, which were hit by a perfect storm of a continuing decline in oil prices, contract cancellations, and low natural gas prices caused by the record warm weather in December. Materials were also down 26 percent as global growth slowed commodities imploded.
There are two major problems for big, multinational companies, which are the majority of the S&P 500.