Citi Index Shows Analysts Turn Net Bearish on US Earnings for First Time in 23 Weeks

The end of the longest positive revisions streak since 2021 matters less as a signal about earnings themselves than as a signal about analyst behaviour: estimate cuts tend to lag macro stress, so the turn suggests inflation and rate concerns are now feeding into formal models rather than just commentary. The Morgan Stanley framing ties the risk to valuation compression and energy-driven tightening, which puts the burden on upcoming inflation and energy data. Whether this proves a one-week blip or the start of a sustained downgrade cycle is the open question.