S&P 500 Q2 Earnings Growth Outlook Cut to 5.9% on Tariff Fears

Latest commentary shows S&P 500 Q2 2026 earnings growth estimates have been slashed to just 5.9% year-over-year on 3.8% revenue growth after broad downward revisions across 13 of 16 sectors. The outlook deteriorated rapidly from the 22.8% EPS growth projected on June 15 and the 22.3% figure still cited on June 17, driven by tariff uncertainty and a weaker macro backdrop. Solid Q1 results (12.1% earnings growth) provide little cushion as attention shifts to forward guidance and potential further cuts, with only Tech estimates showing signs of stabilization.