Thursday is the biggest earnings day of the quarter, with roughly 10 percent (56 companies) in the S&P 500 reporting. So far, we have almost over 45 percent of the Index reporting results.
As it stands, earnings growth is at 7.3 percent—the best showing since the 7.7 percent rise in the fourth quarter (Q4) of 2012, with 65 percent beating expectations (about average), according to S&P Capital IQ. Collectively, revenue is up 3.5 percent.
Futures rallied as Q4 GDP came in up 3.2 percent, with the price index up 1.1 percent as expected, still well below the Federal Reserve's target. However, most traders are very focused on the January numbers; unfortunately PMI/ISM won't hit until next week.