Wild Swings Just Starting as World Events Offset Earnings News

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Individual stocks have responded to earnings reports in the week or so since Corporate America began publishing its numbers. S&P 500 Index components are increasingly moving in lockstep as global events impact markets generally; nonetheless, the turmoil in the Middle East and rising Treasury rates are gaining importance.

Since the reporting cycle began on October 13, at least 400 S&P 500 members have moved in the same direction in four of the six trading sessions. It's a pattern that has yet to appear in any of the preceding three earnings seasons during comparable weeks.