Ugh, Wall Street is so over the Trump tax cuts.
In March, the S&P 500 three-month earnings revision ratio (ERR) moderated for the first time in four months to 2.37 from 2.65, according to research from Bank of America Merrill Lynch. The decline comes after the ERR hit the highest level in BofA's data history during the prior month, when optimism on the impact of tax reform on America's biggest companies was running high.
The moderation suggests that the earnings boost from President Trump's tax reform, which BofA estimates is 90% factored into earnings estimates, is waning.
With Wall Street looking beyond the tax cuts for the next catalyst to stocks, and coming up empty, equities have taken it on the chin in March. From their highs of the month hit on Mar. 9, the Dow and S&P 500 have tanked about 6.3% each. The Nasdaq Composite has shed roughly 8% from its Mar. 12 high amid a selloff in high-flying tech names like Action Alerts Plus holdings Amazon (AMZN) and Facebook (FB) .