In spite of the positive earnings results from many companies, analysts are rolling back targets for the S&P 500 as revenue growth and earnings are set to falter and even decline amid the deteriorating outlook. After operating several years at the zero bound for interest rates, corporations accustomed to increased borrowing at exceptionally low rates have used proceeds to large fund buybacks and stock repurchases in an effort to drive earnings higher by reducing outstanding shares. However, this strategy is quickly losing relevance the advent of higher interest rates coupled with shrinking revenues force companies to pursue investment in longer-term capabilities. The lack of noticeable capacity and capital expenditures over the prior few years are dramatically impacting the outlook especially as investors fear a shift in Federal Reserve monetary policy will dent the momentum higher. Stocks ended lower last week, with the Nasdaq leading the pack lower, falling -1.12% during Friday’s cash session.