From a review of SEC filings, the below table shows the Gold-Standard US GAAP Pretax Earnings From Continuing Operations for the 22 present Dow Industrials Companies with September 2020 quarter ends and which have released their September 2020 quarterly earnings to the SEC by October 30, 2020.
Also shown in the below table is how the total earnings change and the total earnings % change just due to the Dow switch from Pfizer to Amgen.
Clearly it shows that the weak Dow total earnings didn't start after Covid, but rather were already in the December 2019 quarter. And when you study this issue further, you'll discover that the weak Dow total earnings were also in both the June 2019 quarter and the September 2019 quarter.
