Stock Market Update

[BRIEFING.COM] The major indices continue to languish with conviction lacking in today's market. There hasn't been any real follow through to yesterday's post-FOMC rally, but at the same time there hasn't been an aggressive move to unwind it either.

The market has operated mostly at stall speed, waiting to get more data that lends more clarity to the tariff situation and the impact -- or lack thereof -- it is having on the economy. That assessment will factor directly into earnings estimates, which haven't been subject to much downward revision.

In fact, the forward 12-month EPS estimate has increased to $277.61 from $274.47 on February 19 (all-time high day for S&P 500), according to FactSet. Over the same time, the S&P 500 has declined 8.0%.

There won't be any data to assess on Friday -- not out of the U.S. anyway. Instead, the market will be taking stock of the earnings results and guidance from FedEx (FDX 245.94, -1.18, -0.5%), Nike (NKE 72.04, -0.95, -1.3%), Lennar Corp. (LEN 120.12, -0.18, -0.2%), and Micron (MU 102.88, +0.82, +0.8%), which will be reporting after the close.