American corporate earnings growth appears to be slowing down, putting new pressure on a long bull market that is already being affected by rising interest rates and a global economy that is losing momentum.

Earnings growth has increased in recent quarters, pushing major American stock indexes to new highs. That expansion reached new heights in the first quarter, when American corporations saw their earnings rise by 25%, the most rapid increase since the latter half of 2010.

However, earnings growth is now expected to drop to 19% in the second quarter, 21% in the third and 17% in the fourth, according to FactSet. Next year, earnings are expected to grow only in the single- to low-double-digit range.