That's what Goldman Sachs strategists told clients in a report describing the state of earnings season, with the majority of results in the books. The firm pinpointed which names have had the biggest negative impacts on earnings total growth: iPhone giant Apple and chipmaker Micron .
Together, the two tech companies accounted for a 20% drag on the S&P 500's full-year expected earnings growth of 4%, according to the firm's analysis in a report dated February 15. While Micron had a -13% impact on the firm's full-year S&P earnings outlook of 4%, Apple had a -7% impact.
It likely comes as no surprise to those tracking Apple's results that the iPhone maker ws among the biggest drags on the market's aggregate growth.
Semiconductor manufacturer Micron, meanwhile, reported quarterly earnings in mid-December that fell short of analysts' expectations. The company also lowered its capital-expenditure guidance, and cited an oversupply in the memory-chip market.
More broadly, investors are worried about the prospect of an earnings recession , the report said, but Goldman's strategists are less concerned.
"We expect weak profit growth will be short-lived, and should improve in the back half of 2019," the strategists led by David Kostin said, adding that the market has already priced in a slowdown in earnings growth and that "revisions have troughed."
JPMorgan and Amazon topped the firm's list of most positive contributors to earnings growth, with both individually adding 6% to the S&P 500's earnings-growth outlook for full-year 2019.