Surging profits, a humming economy, lower Treasury rates. The things that used to rev up the stock market are no longer able to get its motor running.
Suddenly it seems like everything is a headwind. The Federal Reserve is raising rates. Cost pressures are percolating. Valuations are under siege and a decade-long bull market is at stake. Rather than provide comfort, earnings have become a source of anxiety, with next year’s estimates falling for the first time this year.