We’re about to get a huge read on whether earnings can keep propping up the stock market

As third-quarter earnings season begins, investor attention is shifting from macro worries — interest rates and oil prices among them — toward corporate results. The market's recent resilience has leaned heavily on the expectation that profits will keep growing, and this reporting period is the first real test of whether that optimism is justified.

The stakes are straightforward: if earnings meet or beat those high hopes, they can continue to offset pressure from rising rates and energy costs. If they fall short, the same expectations that have supported stock prices could work in reverse. One expert cautions that markets have grown "extremely complacent," suggesting investors may not be pricing in much room for disappointment.

What to watch: the pace of earnings growth, forward guidance for the coming quarters, and whether companies flag margin pressure from higher costs. Also worth noting is how markets react to surprises — a muted response to bad news can itself signal complacency. For now, earnings remain the main pillar under the market, and this season will show how sturdy it really is.