Earnings season started this week, and it's off to a very uninspiring start. And things could get worse before they get better. Alcoa, the traditional kickoff stock for each earnings quarter, delivered weak third-quarter results, and its stock dropped 11 percent on the day - its biggest one-day loss in five years.
S&P Global Market Intelligence warned that earnings season is likely to suffer as a result of tepid growth, which was down 1.2 perecnt for the third quarter. S&P expects the consumer-discretionary sector to report its lowest quarterly results since 2012
Overall, S&P 500 companies are expected to post their sixth straight quarter of declining earnings, according to FactSet. Alcoa could be just the beginning.