The stock market isn't applauding solid corporate earnings, but that's not new this quarter — it's been happening for the past year.

Why it matters: Fears of a downturn have increased, with investors worried about slowing global growth, the tax cut "sugar high" wearing off, and ongoing trade disputes.

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Data: BlackRock Investment Institute; Chart: Andrew Witherspoon/Axios. Note: MSCI Earnings Growth Rate Index shows 12-month forward earnings estimates for the MSCI Index.
  • “It’s starting to feel like the market is pricing in a greater likelihood of a recession in 2019," Lee Piantedosi of investment management firm Eaton Vance told the Wall Street Journal last week.

Analysts predict earnings growth will hit 20% this year, but heightened uncertainty has them rethinking 2019 estimates that already were 50% lower.

  • "The consensus outlook for earnings growth is way too rosy next year," Morgan Stanley analyst Michael Wilson wrote in a note this week., adding that the sell-off could turn into a full-fledged bear market (i.e., decline of 20% of more).
  • Richard Turnill, BlackRock's chief investment strategist, wrote in a recent note that uncertainty around future earnings growth "will likely remain high.'"

Executives have been warning about prospects for their companies' future quarters, even as they report solid results.

  • Amazon and Caterpillar are recent examples of this, while Boeing and Ford are among the companies that gave weaker-than-expected guidance earlier this year.

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Updated 10 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 11,520,461 — Total deaths: 535,499 — Total recoveries — 6,231,052Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 2,911,888 — Total deaths: 130,101 — Total recoveries: 906,763 — Total tested: 35,515,075Map.
  3. Public health: Case growth outpacing testing in hotspots.
  4. States: West Virginia becomes latest state to mandate facial coverings in public.
  5. Politics: Cuomo accuses Trump of "enabling" the coronavirus surge — Sen. Chuck Grassley opts out of attending GOP convention over coronavirus concerns.

Trump ramps up culture war attacks

Photo: Tasos Katopodis/Getty Images

President Trump's attacks are spreading to sports that are cornerstones of rural, conservative white American life.

Why it matters: The culture war that engulfed the NBA and NFL is reaching other major leagues, with teams that stonewalled activists for years suddenly showing a willingness to listen.

Foreign students could be forced to leave U.S. if colleges move online

Harvard University campus in April 2020. Photo: Maddie Meyer/Getty Images

Foreign college students could be forced to leave the U.S. or transfer schools if their universities move classes entirely online this fall, according to guidance released by Immigration and Customs Enforcement (ICE) on Monday.

Why it matters: Several U.S. colleges and universities — most recently Harvard — have announced plans to move most or all courses online this fall due to coronavirus concerns. Many institutions rely heavily on tuition from international students.