Only 10% of S&P 500 SPX, 0.62% companies have reported results through Monday, and so far earnings are down a staggering 45% year-over-year, according to data from FactSet Research, which is more or less what the expectations are for the remaining companies.
Put another way — that is a pretty low bar. And that is why one fund manager is optimistic.
Salman Baig, multiasset investment manager at Swiss fund manager Unigestion, points out that during the first quarter, 65% of companies beat analyst estimates. While that sounds good, that is actually the worst percentage since 2009 and lower than the typical 75%.