Earnings season kicks off today. Here are some bullet points I saw in this morning’s news:

From Bloomberg:

Analysts are projecting profits for S&P 500 companies will contract 10 percent, compared with calls for flat earnings growth at the start of the year.

From WSJ:

During the first three months of the year, analysts cut their first-quarter earnings estimates for S&P 500 companies by the largest percentage since the height of the financial crisis. And it wasn’t just analysts slashing their view. A near-record number of companies in the index issued guidances below Wall Street’s expectations.

(…)

Third, the first quarter is poised to be the first period of the post-crisis era in which year-over-year earnings for S&P 500 companies outside of energy also fall, noted J.P. Morgan Chase’s U.S. equity strategy team last week.

(…)

The JPM Chase Institute estimates some 80% of oil savings have been spent by consumers.

“It may be wishful thinking to expect a sudden lift in EPS growth from higher consumer spending,” J.P. Morgan equity strategist said.

Combined with some projecting sub-1% GDP growth for the first quarter and consensus congealing around the period’s adjusted earnings falling some 8% for S&P 500 companies, news the rest of the month might not sit well with U.S. equities.