The Treasury market is having a greater impact on the stock market than company fundamentals during the current earnings season. While earnings reports typically play a major role in influencing stock prices, recent market activity suggests that the Treasury market is exerting a stronger force.

Investors have been closely monitoring Treasury yields, which have been on the rise and are currently at their highest level in several years. This increase in yields is putting pressure on the stock market, causing investors to reassess their risk appetite and potentially shift funds away from equities.

Typically, higher Treasury yields make bonds more attractive relative to stocks, as they provide a guaranteed return. As a result, stocks may become less appealing, leading investors to sell off equities and seek safer investments in the fixed income market.

While company fundamentals, such as earnings reports, are important indicators of a company's financial health, they seem to be taking a backseat to the Treasury market in driving stock market movements during this earnings season. Investors are carefully watching the interplay between Treasury yields and stock prices, as they try to navigate this dynamic market environment.

As earnings season continues, it remains to be seen whether the Treasury market will maintain its dominance over company fundamentals in influencing stock prices. Investors will be keeping a close eye on both factors in order to make informed decisions about their portfolios.