Stocks are in an earnings recession and a downturn could sneak up on the economy this quarter, economist David Rosenberg says

• Stocks are in an earnings recession and pressure on profits will continue, David Rosenberg said.
• The economist pointed to the contraction in corporate profits, despite earnings beats in the last quarter.
• A recession could easily sneak up on the economy within the next few months, he warned.

Despite a seemingly strong first-quarter performance, stocks are still battling corporate earnings pressures, and a recession could easily sneak up on the economy in the coming months, top economist David Rosenberg warned.