Q2 2020  -44% estimated earnings decline for $SPX / $SPY.
Largest YOY drop in earnings since 2008.  (Factset)

"The Fed doesn't have a magic wand to stop COVID-19, nor the ability to make earnings appear on corporate balance sheets."

https://t.co/7GPpVzGeWL https://t.co/DyUpfUFJOo