A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.

New York (CNN Business)US markets took a beating on Thursday as big bank earnings delivered disappointing results. 

Markets and the economy have endured three turbulent months. The Federal Reserve's rate rise regime and Russia's invasion of Ukraine have slammed investor and borrower sentiment. The financial sector is hurting, too. Analysts expect earnings to fall by more than 22% this year—more than any other sector.

"I'm concerned, the numbers were worse than we thought," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. The financial sector is one of the best barometers for the rest of the earnings season, he added. 

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Still, analysts think S&P 500 (INX) earnings will be in the green — even after the index posted its worst quarter since the start of 2020.

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The analyst consensus is that earnings will grow by about 5.7% this quarter, even though about six of the 11 sectors that make up the S&P 500 are expected to report declines in earnings per share.

That's because the S&P 500 has a small but mighty hero: the energy sector.

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.

New York (CNN Business)US markets took a beating on Thursday as big bank earnings delivered disappointing results. 

Markets and the economy have endured three turbulent months. The Federal Reserve's rate rise regime and Russia's invasion of Ukraine have slammed investor and borrower sentiment. The financial sector is hurting, too. Analysts expect earnings to fall by more than 22% this year—more than any other sector.

"I'm concerned, the numbers were worse than we thought," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. The financial sector is one of the best barometers for the rest of the earnings season, he added. 

*

Still, analysts think S&P 500 (INX) earnings will be in the green — even after the index posted its worst quarter since the start of 2020.

*

The analyst consensus is that earnings will grow by about 5.7% this quarter, even though about six of the 11 sectors that make up the S&P 500 are expected to report declines in earnings per share.

That's because the S&P 500 has a small but mighty hero: the energy sector.