The S&P 500 traded above the 1,743 market ever. Half of that move was attributed to Google's spike up above $1,000 per share on better-than-expected earnings.
Besides Google, about one-fifth of the companies in the S&P 500 have so far reported earnings for the previous quarter. According to data from Thomson Reuters, 62% of those companies have beaten analysts' earnings estimates, just shy of the average 63% that usually happens. But, 24% have disappointed the Street, a bit above the usual 21% of companies.
But, the top line is also interesting: 53% of companies reporting had higher-than-anticipated revenues. That's below the average 61% that beat Wall Street's top line expectations. Companies may be more profitable than the market expects but they're making those profits with fewer revenues than what analysts thought they'd bring in.
This week will see earnings hundreds of earnings reports fromAmazon to Zynga and everything in between. But, will earnings move the market to the upside or are we in for a heap of disappointment?
Gina Sanchez, founder of Chantico Global, looks at the fundamentals of the S&P 500 and what we can expect from earnings. On the index's charts is Jeff Tomasulo, Managing Partner of Belpointe's Alternative Investment Group.
Is the market set for more gains or will poor earnings stand in its way? Watch the video above to see what the fundamentals and technicals have to say about the S&P 500.
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