Wall Street analysts have made larger-than-average cuts to earnings estimates for the S&P 500 companies after President Donald Trump's tariffs rattled the prospects of corporate

America. Earnings expectations for the S&P 500 in the second and third quarter of 2025 have been revised down significantly ever since Trump announced “liberation day” tariffs on April

2, according to Torsten Slok, chief economist at Apollo Global Management (see chart above). Analysts also lowered earnings-per-share (EPS) estimates for the second quarter by a larger

margin than average. The second-quarter bottom-up EPS estimate for the S&P 500 companies decreased to $63.96 by the end of April — a drop of 2.4% from a month earlier, according to