Steve Neimeth Higher Quotations

IBM's numbers looked very good. Intel's the ugly one because the worry is many investors are expecting higher corporate spending to offset potential weakness in consumer spending.

We're seeing global rate increases, which is having an impact on global bonds and that affects stocks here. American investors are becoming more concerned about how higher rates will affect consumer spending.

The worry with Intel is many investors are expecting higher corporate spending to offset potential weakness in consumer spending for GDP growth this year.

The No. 1 driver for equities is corporate profit growth. Inflation is subdued, which suggests higher energy prices are not trickling through.

Investors are becoming more concerned about how higher rates will affect consumer spending. The market can't move higher with this threat of rate hikes and inflation hanging over its head.