S&P 500 Poor Q2 2019 Earnings, Why?

[Thailand J]

S&P 500 is in the middle of reporting Q2 2019 earnings. The forecasted -2.6% year-over-year earnings decline is blamed on stronger US dollar, poor global economy and the trade tension with China. Not because of US economy.
38 % of S&P 500's revenue came from overseas.

Domestic companies ( less then 50%  overseas sales) have positive earnings growth and revenue growth: 3.2% and 6.4% respectively.

2020 looks good. The forecast:
Q2 2019, EPS growth -2.6 %, revenue growth 4%
Q3 2019, EPS growth -1.9 %, revenue growth 3.2%
Q4 2019, EPS growth 4.9 %, revenue growth 4%
Q1 2020, EPS growth 9.2 %, revenue growth 5.9%
Q2 2020, EPS growth 12.6%, revenue growth 6.6%.

 

P/E for S&P 500 is at 17.1, higher than the 10-year average of 14.8, S&P 500 Index is forecasted to go higher: 9% up, to 3263 over next 12 months.

 

Data from Factset ( annual sales $1.35B, 9500+ employees). https://www.factset.com/hubfs/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_072619.pdf