Don’t forget that headline GDP growth numbers are in real or inflation-adjusted terms while S&P 500 earnings discussed here are not. We got some of those downbeat reports, with Disney DIS and Take-Two Interactive TTWO as notable such examples from this week’s docket. In fact, S&P 500 earnings estimates in the aggregate outside of the Energy sector have declined -10.8% since mid-April, with double-digit percentage declines in Retail, Construction, Consumer Discretionary, Tech, Industrial Products and the Aerospace sectors.