Why Second Quarter Earnings Haven’t Spurred a Stock Market Rally

Second quarter earnings season is in full swing on Wall Street and investors are keeping a close eye on corporate profits. But rather than pinning their hopes on earnings for relief from the recent downturn in stocks, investors seem to be suffering from tunnel vision. They're ignoring numerous positive earnings reports and instead focusing on macro-economic trends to determine the day-to-day fate of the markets. And as a slew of economic reports continue to display conflicting trends, investors are finding it difficult to read the tea leaves. So far this earnings season, the market and the investors that drive it are all over the place. The result has been a string of volatile trading days featuring gyrating and erratic stock trading.