First quarter earnings began to roll in during the past week, starting with the major banks. So far, based on actual reports and forecasts, first quarter earnings are expected to be down 14.5 percent, which would be the worst quarter since earnings declined by more than 15 percent in the third quarter of 2009.
Things don't look to be getting better any time soon. In the second quarter, the stock research firm Refinitiv expects a much sharper 27.3 percent decline.
IBM, Netflix, Coca-Cola and dozens of others are expected to report earnings this week. But at this point and for the time being, the market is more likely to trade on virus headlines and news about reopening the economy than about earnings reports.
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