While Europe’s financial meltdown has been a boon to U.S. Treasurys, as investors seek a safe haven, the same can’t be said for U.S. corporate earnings.

Many U.S. companies rely on Europe for a large portion of their profits.

In the technology sector, for example, Europe accounts for about a third of earnings, The New York Times reports. Already, Cisco and Dell have cited a slowdown there.

Editor's Note: How You Lost $85,000 During the Last Decade. See the Numbers.

Until recently, the prevailing attitude was that U.S. companies were insulated from Europe’s woes.

But in the technology sector, “As push has come to shove, we have started to see a real shift in outlook,” A. M. Sacconaghi, a technology analyst at Sanford Bernstein, tells The Times. “There is not a lot you can do when demand in a whole geography weakens.”

The same is true of other industries, particularly the manufacturing sector.

U.S. multinationals could previously count on booming sales in emerging markets to compensate for any diminution in Europe. But now growth has slowed in nations like China, India, and Brazil as well, putting a crimp on U.S. sales there.

Analysts’ expectations of second-quarter earnings growth for the Standard & Poor's 500 have dipped to 7.4 percent from 10.1 percent in January, according to Thomson Reuters data.

And excluding Apple and the financial sector, the forecast is a 0.9 percent decline.

"Those responsible for giving guidance have to be worried about the worldwide economy," Kenneth Naehu of Bel Air Investment Advisors tells Reuters.

Editor's Note: How You Lost $85,000 During the Last Decade. See the Numbers.