Your chart is earnings per share, it’s also from June. That has increased because of all the stock buybacks following the new tax law. Total earnings are down.

Your chart is earnings per share, it’s also from June. That has increased because of all the stock buybacks following the new tax law. Total earnings are down. MarketWatch - https://www.marketwatch.com/story/the-sp-500-is-in-its-first-earnings-recession-in-three-years-2019-09-18 https://www.marketwatch.com/story/the-sp-500-is-in-its-first... CNBC - https://www.google.com/amp/s/www.cnbc.com/amp/2019/06/24/analysts-now-expect-the-earnings-recession-to-last-through-the-third-quarter.html https://www.google.com/amp/s/www.cnbc.com/amp/2019/06/24/ana...