Fears of an earnings recession are overblown and investors shouldn't panic sell as stocks will hold up fine, BMO chief strategist says

• Fears of a coming earnings recession might be overblown, says BMO Capital Markets. 
• Historical data shows four of the last seven earnings recessions didn't coincide with economic contractions. 
• BMO also found that the S&P 500 during 16 profit recessions since 1948 rose by an average of 5.9% in the next six months. 

A recession in corporate earnings is arriving, with profit pulling back from record highs. But that doesn't set in stone a recession for the world's largest economy, and large-cap stocks can push through to deliver solid returns, according to the top investing strategist at BMO Capital Markets.