Bleak earnings picture | Stocks flat ahead of G-20 | Billionaires to 2020 candidates: Tax us!

The corporate earnings picture continues to deteriorate, with companies exposed to tariffs taking a particularly strong hit.

VIEW IN BROWSER | SUBSCRIBE MON, JUN 24, 2019 EVENING BRIEF AS OF MON, JUN 24, 2019 • 04:00 ET DJIA 26730.79 +0.04% +11.66 S&P 500 2945.49 -0.17% -4.97 NASDAQ 8005.70 -0.32% -26.01   Most Active DOW NAME LAST CHG %CHG MSFT 137.78 +0.81 +0.59% AAPL 198.58 -0.20 -0.10% CSCO 57.18 +0.15 +0.26% S&P 500 NAME LAST CHG %CHG AMD 29.26 +0.16 +0.55% BMY 45.69 -3.65 -7.40% BAC 27.98 -0.14 -0.50% NASDAQ NAME LAST CHG %CHG AMD 29.26 +0.16 +0.55% MU 33.19 -0.06 -0.18% SIRI 5.59 -0.01 -0.18% EDITOR'S NOTE Major indexes are hovering around record highs, erasing May's massive sell-off, thanks in part to recent optimism on trade talks. But the corporate earnings outlook paints a less rosy picture.    Forecasters already were looking for negative earnings growth in the second quarter. The outlook has now swung to red numbers for the third quarter, CNBC's Jeff Cox reports, based on the latest FactSet calculations. The data firm estimates that the third-quarter outlook dropped from a slight gain as recently as June 7 to a slight decline of 0.3% at the end of last week. The primary reason for the downward trajectory has been multinational companies, Cox reports. FactSet estimated that companies that do more than half their business outside the U.S. likely will see an earnings decline of 9.3% in Q2. By comparison, those that do a majority of sales domestically were projected to see a 1.4% growth rate. Companies such as Apple, Boeing and Intel — all of which get a bulk of sales from overseas — are especially susceptible to fallout from the ongoing U.S.-China trade war and resulting tariffs. Wall Street strategists are expressing more concern over what it will mean for a market that has recovered back around all-time highs. Kate Rooney | CNBC Markets Reporter @Kr00ney TOP NEWS  Stocks' big June rally pauses as Wall Street looks ahead to US-China trade talks Trump signs executive order slapping 'hard-hitting' sanctions on Iran over drone shootdown Bernie Sanders proposes forgiving the student debt of 45 million Americans Gold jumps to fresh high, now at levels not seen since August 2013 Goldman Sachs says value investing is still alive if you play it with this twist Fed's Kaplan says it's 'too early' to decide if interest rates need to be cut Beijing wants the US to stop 'inappropriate' actions against Chinese firms Bitcoin rallies above $11,000 through the weekend, nearing a 15-month high Analysts say this hot online company can compete with Amazon and will help others to do so too Billionaires to Trump and other 2020 candidates: Please tax us   CNBC PRO Jefferies upgrades Deere, sees a major farming turnaround     TOP VIDEO Home Depot CEO: Lowe's has always been strong competitor, new CEO doesn't change that   SPECIAL REPORTS Handicapping the chances for a second-half rally in stocks Energy is one of June's best-performing sectors, but the rally may be running out of steam   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS