The early 2023 corporate earnings outlooks that companies are issuing alongside actual fourth-quarter results are deteriorating, Bank of America equity and quantitative strategist Savita Subramanian wrote in a report Sunday. As a result, S & P 500 earnings estimates for 2023 have already fallen 1% — but are 10% down from where they were at the peak in June 2022. "Early signs are troubling," with an in-house "S & P guidance ratio" falling into the 10th percentile, signaling that "corporate misery [is] rising." What's worse, analysts' estimates had already fallen 7% coming into the reporting period, Subramanian said. She noted the same disconcerting early earnings trend, headlining a report out on Monday with, "EPS Backdrop Continues To Soften."

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