Careful, investors. The upcoming earnings season may bring more pain, Mike Moran, Standard Chartered head of currency economic research, said Tuesday.
"We are still very cautious about what the profits outlook is going to look like. Outside the S&P 500 … we are seeing that growth rates and corporate profitability slow down. This is going to take a little bit more time to play out," he told CNBC's "Squawk on the Street."
"If you look at it on a historical perspective, that has often been a sign of tougher times ahead. We're very cautious about what the outlook actually is," he said.
The U.S. has been in its longest quarterly earnings recession since the financial crisis and the upcoming results are not expected to be positive.