Corporate America is facing its bleakest first-quarter since the pandemic started— S&P 500 companies' earnings could drop as much as 7%, new data says

• Earnings season kicks off this week with financial sector giants set to report their results. 
• S&P 500 companies are expected to post a 7% decline in first-quarter earnings, per FactSet.
• This will be the largest earnings decline since a 32% slump in the second quarter of 2020.

Corporate America may be heading into a tough earnings season, which kicks off this week.