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Corporate Earnings
The nature of the beast: So much depends on the results of earnings season, which began in early July. Unexpectedly high earnings growth in the first quarter caused stocks to rally. In the second quarter, Wall Street analysts expect S&P 500 earnings to be up 5.6%, according to Reuters Estimates.
Why you should be afraid: It's not clear yet whether corporate profits will be high enough to please investors. If earnings disappoint this quarter, it could be a sign that U.S. companies and the economy are weaker than many believe.
Fear factor: 3 out of 5 Grizzlies
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