Analysts took a bigger hatchet to Q2 earnings forecasts

Since the March 31 week, the aggregate earnings estimate for the S&P 500 companies has fallen 1.0%, steeper than the 0.2% revenues decline. Only two sectors’ Q2 earnings estimates rose: Materials and Utilities, by 1.1% and 0.3%, while forecasts were shaved the most for Energy (-3.3%) and Industrials (-2.4).