The main driver for the stock market - profit public companies - based on AMarkets.
Most of the experienced players in the evaluation of the current situation and forecast future prices and uses the earnings derived from it, compared with the historical average. A key risk for the market to date - ultramedvezhi mood, which adversely affect the expectations for the future value of P / E. In addition, the growth of corporate profits in the United States actually slowed down in recent months. The rate of rise of GDP is still weak. Two bright spots - the dynamics of sales of houses and cars. This is not enough. Companies do not want to expand production - to invest in new directions, as well as expand existing ones.
The graph - waiting for the S & P 500 EPS (average value) in the dynamics - a negative value for the first time since 2009:
And if the US Federal Reserve still goes on raising rates at the end of the year - it will only get worse.