Equities rebounded again on Thursday but there is a growing list of companies giving reasons why the rally shouldn't be trusted. The key takeaways from earnings reports this weak are that near-term headwinds are growing because of the Ukrainian conflict and they may worsen as the war wears on. Not only is the conflict causing a spike in energy prices but it is also putting a strain on an already struggling supply chain. What this means for S&P 500 companies is a negative impact to the top and bottom line, declining expectations for revenue and earnings, and lower prices for the S&P 500 index.

Friday's market action will be driven by geopolitical sentiment and Fedspeak. There are at least 4 Fed members on the schedule to make remarks and each will be closely watched for clues about interest rates. Fed chief Jerome Powell surprised the market earlier in the week when he gave a more hawkish opinion of the inflation outlook than what was expected and now the market is pricing in a 50 basis point hike at the next FOMC meeting.