The pressure is on for those earnings to support the market's current valuations, after weeks of choppy trading. It's also crunch time to see whether it really was the harsh winter weather that slowed profit growth—and the economy—or something else.
"Does spring make a difference? And in what industries does it make a difference? If that doesn't come across, it may raise some confusion about what the economic data is telling us," said Art Cashin, director of floor operations at UBS.