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Earnings Watch: Nike reports as the sneaker wars get cheaper, while Constellation Brands issues results after Modelo Especial overtook Bud Light as nation's best-selling beer. Wall Street is expecting a third straight quarter of falling profits and the worst decrease since the pandemic in 2020, when second quarter earnings are reported in July, but that may be the bottom for this year.Wall Street expects per-share profit for S&P 500 index companies to fall 6.5% for the second quarter, according to FactSet. That would be the worst decrease since the 31.6% plunge seen during the same quarter in 2020.But for the rest of the year, forecasts, for now, call for things to get better, and analysts will be zeroed in on whether those projections bear out.Lots of Vans sneakers are on sale, as shoppers hold off on buying shoes and clothes to cover more expensive necessities. Foot Locker Inc. in May cut its outlook. Adidas' $1.2 billion purge of its Yeezy-brand sneakers is ongoing.