This is when stock traders will get to the 'down and dirty'

Earnings from big tech, industrials and financial firms should all drive trading in the week ahead, but traders are also watching the fallout from Doha on oil prices.

The meeting in Qatar this weekend between OPEC and non-OPEC oil producers has been much heralded but was also seen yielding low results. At best, analysts had expected a loose agreement to freeze production but the meeting failed to produce an agreement.

U.S. oil futures fell five percent Sunday evening, but analysts said the losses could have been steeper if not for a strike in Kuwait that threatens to sharply reduce production.

Peter Boockvar, chief market analyst at The Lindsey Group said the Doha meeting was important but earnings will drive the market. "To me, it's all about earnings for the next two weeks. ... Now you get to the down and dirty — the core of everything going on in the macro world in the first quarter, like China, and what did that mean for corporate profits."

Dirty hands, man at work
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Boockvar said in the past two weeks, the stock market lost some of its correlation to oil, but analysts say it could be a factor if crude declines sharply after the Sunday meeting.

Stocks closed out the past week with gains. The S&P 500 was up 1.6 percent to 2,080, and the Dow rose 1.8 percent to 17,897. The top-performing sector was financials, up nearly 4 percent as banks reported earnings. Energy was up 2 percent as oil rose ahead of the Doha meeting but it sold off Friday, as traders locked in profits amid concerns the meeting would not go well. West Texas Intermediate was up 1.6 percent for the week, settling at $40.36 per barrel, even with a 3 percent decline Friday.

Gina Martin Adams, institutional equities strategist at Wells Fargo Securities said if a failure in Doha results in a big sell off in oil that could hurt the stock market rally.

About a fifth of the S&P 500 companies and 14 of the 30 Dow stocks report earnings in the week ahead.

"What's happened is in the grand scheme of things, every quarter analysts' estimates have come down so far that companies beat them. But when you think about the long-term earnings outlook, that's fairly meaningless because forward-looking estimates have come down as well. They beat, but at the same time reduced their expectations for future earnings growth," said Adams.

Among the companies reporting this week are Goldman Sachs, Morgan Stanley, McDonald's, General Electric, American Express, Alphabet, Intel and Microsoft. As of now, first-quarter earnings are expect to fall 7.8 percent for the S&P 500 companies, according to Thomson Reuters. If the energy sector is not included, the decline would be 2.5 percent. Revenues are expected to be 1.3 percent below last year's levels.

"I think that removing that cloud of uncertainty is critical for that next leg higher for the stock market. Are estimate revisions going to start moving higher? That's what we really are looking for," she said. "Can we establish a trough? ... It should happen now that oil prices have stabilized but there's no guarantee."

The dollar index gained about a half percent for the week and was at 94.71 late Friday.

"I think the dollar is a key to this too," said Adams. The dollar's retreat should have helped first-quarter profits, but she notes some investors are writing off further gains in the greenback. "I'm on the lookout longer term. If the dollar starts to rally again, that could be troublesome."

Besides the rush of earnings news, there are a few economic reports. There are housing starts Tuesday and existing homes sales Wednesday. The Philadelphia Fed survey is Thursday.

Boris Rjavinski, director of rate strategy at Wells Fargo, said the bond market will also be watching what happens to oil in the week ahead. If crude sells off, sentiment could sour and Treasurys could attract buyers.

"I think given that the FOMC meeting is coming up relatively soon, I would expect investors to start thinking forward to what the Fed may or may not say at the end of this month," he said. The U.S. central bank meets April 26 and 27.

The European Central Bank, meanwhile, has a meeting Thursday and holds a news briefing ahead of the U.S. stock market open.

Read MoreBest oil deal from Doha likely to underwhelm

What to Watch


Earnings: IBM, Netflix, PepsiCo, Morgan Stanley, M&T Bank, J.B. Hunt, Hasbro

8:30 a.m. New York Fed President William Dudley, welcoming remarks

10 a.m. NAHB survey

12:30 p.m. Minneapolis Fed President Neel Kashkari

7 p.m. Boston Fed President Eric Rosengren


Earnings: Goldman Sachs, Johnson & Johnson, UnitedHealth, Harley-Davidson, Kansas City Southern, Northern Trust, TD Ameritrade, Intel, Yahoo, Discover Financial, VMWare, Intuitive Surgical, Philip Morris, Omnicom

8:30 a.m. Housing starts


Earnings: American Express, Coca-Cola, Abbott Labs, EMC, SLM, F5 Networks, Mattel, United Continental, Qualcomm, Stryker, Las Vegas Sands, Tractor Supply, Yum Brands, U.S. Bancorp, Illinois Tool Works, Canadian Pacific, St. Jude Medical

10 a.m. Existing home sales


Earnings: Alphabet, Microsoft, General Motors, Visa, Starbucks, Bank of NY Mellon, Biogen, Under Armour, Southwest Air, Stanley Black and Decker, Imax, Novartis, Union Paicific, DR Horton, Fifth Third, Johnson Controls, Pulte Group, Polaris, Alaska Air, Verizon, Travelers, ETrade, Norfolk Southern, Boston Beer

8:30 a.m. Initial claims; Philadelphia Fed survey

9 a.m. FHFA home prices


Earnings: General Electric, Caterpillar, McDonald's, Honeywell, AutoNation, American Airlines, Synchrony Financial, Kimberly-Clark, SunTrust, Lyondell Basell, Steve Madden, Daimler

9:45 a.m. Manufacturing PMI