It is more of the same this morning, which may or may not end up being a good thing for the stock market.
If it's truly the same, it won't be a good day for market bulls. If it's the same, but different, it could end up being a good day for market bulls.
In this regard, a plethora of companies have reported their March quarter results since yesterday's closing bell -- and a plethora of companies have exceeded consensus earnings estimates.
Boeing (BA) blew it out, topping estimates by more than $1.00; Texas Instruments (TXN) beat... and so did the likes of Rockwell Automation (ROK), Northrop Grumman (NOC), General Dynamics (GD), Ingersoll-Rand (IR), Comcast (CMCSA), Twitter (TWTR), Norfolk Southern (NSC), Packaging Corporation of America (PKG), Goodyear Tire (GT), and Boston Scientific (BSX).
For the full list of reporters, be sure to visit Briefing.com's Earnings Results page.
Note, however, that there is ample representation from the industrials sector in the companies listed above that topped expectations. Note, too, that the disposition of the futures market suggests the S&P 500 will start today's session on a modestly lower note. Currently, the S&P futures are down eight points and are trading 0.2% below fair value.
On that note, one should also note that the Treasury market is acting up, which seems to be a bit of a downer for the stock market.
The yield on the 10-yr note has climbed four basis points to 3.02%. That move will be attributed to inflation concerns, yet we wouldn't rule out the simplicity of a trend trade now that the psychologically important 3.00% level has been breached.
The higher rates, which also feature a 2-yr note yield at 2.49%, have underpinned the dollar. The strength in the greenback is apt to be a pressure point for a number of dollar-denominated commodities and possibly the companies that produce those commodities.
In any event, the concept of being at, or near, peak earnings growth continues to be a nagging influence that has mitigated the stock market's excitement level for the strong earnings growth that is being reported for the first quarter.
A confluence of factors are feeding into the upsetting narrative about peak earnings growth: interest rates are rising, the dollar is strengthening, companies are making note of input cost inflation, and assumptions are being made that increased wages are going to become a bigger pressure point on profit margins.
Individual stocks can, and will, make big moves, yet it is evident that some baleful notes are disrupting the prior harmony of the broader bull market.