The assumption is that the earnings for the first quarter from most companies in the S&P 500 will be atrocious. That can be set side-by-side with the fact that the market now appears to be looking for news that is bad, but not as bad as expected. Currently stocks are being driven higher by the sentiment that "troubling, but not disastrous" is good.
Earnings from five companies are likely to set the tone for the market's direction over the next two months. That is based on their size within the sectors that they represent, or when they report in the earnings cycle.
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