CEO Gloom Rivals Financial Crisis as Tariffs Hit S&P 500 Stocks

Not since the financial crisis has Corporate America been so downbeat about the state of the economy in earnings calls, an ominous sign for investors trying to figure out how much more pain Donald Trump’s trade war will inflict on the stock market.

The ratio of positive to negative comments on macroeconomic conditions during this reporting season has dropped well below its average and is on track for the worst proportion since 2009, according to a Bank of America Corp. analysis of the first conference calls.

Source: Bloomberg

Earnings season is usually a boon for equities, but with the S&P ...