Results haven't been bad, but the macro is overwhelming everything, and fourth-quarter guidance is slipping.
Here's a general rule for the stock market: earnings are the main determinant of stock prices in the long run, but in rare cases macro trends can overwhelm their message.
Earnings are OK, but the trend is down On the surface, this looks like a good earnings season.
With earnings, however, it's the trend in the forward quarter that matters: is the trend up or down?
If Treasury yields stabilize or even move lower, that will be a more important factor than a slightly lower earnings environment.
Persons:
Here's, CNBC's Robert Hum, Sellers, Chubb, Sherwin, Williams, Kimberly Clark, Campbell, Swift, FactSet's John Butters, what's
Organizations:
Microsoft, Waste, Norfolk, Procter, Gamble, Pepsi, Soft, Nvidia, Express, Visa, Southwest Airlines
Locations:
Meta, Winnebago, Corning, Big Tech, Treasurys