American CEOs’ economic estimates approach 2008 crisis levels

Since the 2008 financial crisis, American corporations have never been so negative about the state of the national economy. According to Bloomberg experts, this is a worrying sign for investors trying to gauge the impact of Donald Trump's trade policy on the stock market.

This reporting season, the ratio of positive to negative comments on macroeconomic conditions in the US has fallen well below average, and is likely to soon record its worst result since 2009. Bank of America came to these conclusions based on an analysis of CEOs' first earnings conference calls this year.

Bloomberg reports that some entrepreneurs are having difficulty assessing the impact of rapidly changing White House policies on their businesses and future earnings. This puts additional pressure on US stocks, increases uncertainty for investors, and contributes to continued volatility in the stock market.

According to Bloomberg Intelligence, 27% of S&P 500 companies lowered their 2025 earnings forecasts this quarter, while only 9% raised them. The most pessimistic expectations were those of automakers.