The US flag flies over shipping cranes and containers in Long Beach, California on March 4, 2019.
Mark Ralston | AFP | Getty Images
This upcoming earnings season is shaping up to be a weak one.
Because of uncertainty around trade wars and global growth, a bulk of U.S. companies are lowering the bar for their second-quarter earnings. Of the 114 companies that have issued earnings guidance for the period, 77% have issued negative forecasts, according to data from FactSet.
Thanks in part to those warnings, earnings are estimated by analysts to have declined by 2.9% year over year in the second quarter. At the start of the period, analysts expected earnings to be basically flat. If that estimate…