Earnings season picks up speed this week with Netflix, Goldman Sachs and IBM among the heavyweights stepping up to the plate.
"Wall Street analysts are predicting a 2% drop on a year-over-year basis in earnings for the first quarter and I wouldn't be surprised if it turns out to be the right number, just the wrong sign. It could be plus 2%," said Yardeni. The financials have already proven that upside surprises can be a running theme this reporting season, says Yardeni.
J.P. Morgan and Wells Fargo beat estimates on Friday even after the yield curve between the 3-month and 10-year Treasury notes inverted at the end of the March quarter. A flat, or inverted, yield curve puts pressure on banks' profit margins because it limits their ability to borrow cheap and provide longer-term loans at a higher interest rate.
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