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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Ex-officer pleads not guilty to charges related to Breonna Taylor killing

Brett Hankison is charged with three counts of wanton endangerment. Photo: Courtesy by the Shelby County Sherrif's Department

The former Louisville police officer charged with three counts of wanton endangerment in connection with the raid that led to the fatal shooting of Breonna Taylor, an unarmed Black woman, pleaded "not guilty" on Monday, the Courier Journal reports.

The big picture: The announcement of charges against Brett Hankison, who was fired from the department in June, set off nationwide protests last week. None of the officers involved in the raid were indicted on homicide or manslaughter charges related to Taylor's death.

SurveyMonkey poll: Trump's Ohio bet

Data: SurveyMonkey survey of 3,092 Ohio voters, Sept. 1-25, 2020; Note: COVID-19 was a write-in option; Chart: Axios Visuals

President Trump leads Joe Biden 51%-47% among likely Ohio voters overall — but he holds a whopping 74%-24% lead with those who say a flagging economy and job concerns are their top issue, according to new SurveyMonkey-Tableau data for Axios.

Why it matters: Ohioans are more worried about their jobs than the coronavirus — and that's President Trump's best chance to cling to a narrow lead in this state he won handily in 2016.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 33,224,222 — Total deaths: 999,298 — Total recoveries: 22,975,298Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 7,134,874 — Total deaths: 204,905 — Total recoveries: 2,766,280 — Total tests: 101,308,599Map.
  3. States: Cuomo extends New York moratorium on evictions until 2021.
  4. Business: Companies are still holding back earnings guidance.
  5. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  6. World: India the second country after U.S. to hit 6 million cases.