S&P 500 companies are experiencing their worst earnings revisions since the onset of the Covid-19 pandemic in early 2020, with revision momentum and breadth now at April 2020 levels. This downturn is worse than any point in the 2022 bear market. The Citi U.S. Earnings Revisions Index has remained in negative territory for 17 consecutive weeks, highlighting a sustained period of downward adjustments to earnings forecasts. Wall Street analysts are revising forward earnings at the fastest pace since the Covid crash. In comparison to other major stock markets in U.S. dollar terms, the S&P 500 has lagged, including during the recent rally from market lows.