The "Fast Money" traders debated on Thursday whether the earnings results they've seen justify the current levels in the market.
The S&P 500 closed at a 52-week high of 2,173.02 on Wednesday. But earnings results have been a "mixed bag" so far, trader Guy Adami said.
"The reality is earnings absolutely do matter, but the question is: does the economic environment that we find ourselves in justify what I believe is a 19 forward multiple on the S&P? ... I would submit the answer is no," Adami said.
Trader Tim Seymour said that the after-hours move in Starbucks is primarily due to the disappointing comparable-store sales numbers.
"It's about U.S. comps, and the bar is very difficult and the valuation is very difficult," Seymour said. The coffee chain's price-to-earnings ratio was last near 34, on a trailing 12-month basis.
Trader Karen Finerman said that not all earnings suggest a gloomier outlook. She said United Rentals had positive results and the company seems "to have really hit an inflection point in this last quarter."
Trader Brian Kelly said that he doesn't think earnings matter as much to the "overall market."
"As long as every central bank is willing to be the backstop, who cares about the earnings? The markets hasn't cared about earnings. I mean for the last 18 months, we've gone sideways. It's been a great market if you're a long-short type of hedge fund manager ... [who] can get in there, pick individual stocks," Kelly said.