Earnings have been weak, but better than expected

Reproduced from FactSet; Chart: Axios Visuals

The Q3 earnings season has been a generally mixed bag.

The other side: S&P 500 earnings are still on track to decline for the third consecutive quarter, with overall profits expected to fall about 2.7% from a year earlier, the sharpest decline since 2016, according to FactSet.

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• The U.S.-China trade war is again rearing its head as companies that make 50% or more of their revenue overseas are showing especially weak totals.
• Companies also blamed the stronger U.S. dollar and slower global economic growth, FactSet noted.

What they're saying: “Earnings … are truly better than expected,” Peter Vanderlee, a portfolio manager at ClearBridge Investments, told WSJ.

• “As a result, there hasn’t been a moment where you would say, ‘Look, it is upon us. A recession is nearing.’”