Madison Faller, global strategist at JPMorgan Private Bank, expects management to provide cautious commentaries given rising recession risks, higher than normal inventories and wage pressures. “With developed economies slowing, we think Street estimates will likely continue to move lower, but not collapse immediately,” Faller said. Story continuesAgainst that backdrop, earnings estimates have fallen for most of last year. Exxon Mobil Corp., the largest US oil company, already said lower crude and natural gas prices had a negative impact on fourth-quarter earnings. Most Read from Bloomberg Businessweek©2023 Bloomberg L.P.