A blowout set of quarterly earnings from Boeing Co. ( BA) , the world's biggest plane maker and an early target of President Donald Trump's social media ire, couldn't pull U.S. stocks into the green Wednesday as investors continue to fret over the pace of commodity price increases and the impact that rising borrowing costs will have corporate investment.

Boeing smashed Wall Street forecasts with its quarterly earnings update, which included a 9% increase in aircraft deliveries, a 6.5% gain in sales to $23.4 billion and a robust outlook that sees operating cash flow (that's the good kind) topping $15 billion by the end of the year.

The contrast in Boeing's outlook -- which is sees boosted by demand for its 'big bird' airplanes -- marked a stark contrast to the more tepid forecasts from industrial equipment maker Caterpillar yesterday, which also blew past Wall Street estimates but cautioned investors that this might be a "high water mark" for the CAT brand.

Boeing gained 1.2% in early trading but the Dow Jones Industrial Average  failed to follow-through, and early pre-market gains appear little more than a 'dead cat bounce' as the benchmark slipped into so-called correction territory (meaning it's down 10% from its last peak) as it drifted 140 lower and below the 24,000 mark.

A similar dichotomy was in evidence in the tech sector, as well, where investors weren't quite ready to bid up the Nasdaq despite stronger-than-expected first quarter earnings from Twitter Inc. (TWTR) , the President's favorite, and a surprise increase in users despite tighter rules on the use and abuse of personal data and hate speech.

Twitter jumped in early trading, but failed to hold on to those gains as investors wondered if the optimism will be shared by Action Alerts PLUS holding Facebook Inc. (FB) executives later today when the social media giant reveals its first quarter numbers following major changes to its newsfeed and the ongoing scandal over the mis-use of data by the controversial political consultancy, Cambridge Analytica.

It's showtime for Facebook.
It's showtime for Facebook.

Rising corporate input costs, either in the form of higher borrowing costs or surging commodity prices, were widely cited as two triggers for last night's selling on Wall Street, which spilled over into Asia markets in overnight trading, as benchmark U.S. 10-year Treasury bond yields traded past 3% -- to 3.02% --for the first time in four years and Brent crude prices hit the highest levels since November 2014.

Europe's Stoxx 600 benchmark, the region's broadest measure of share prices, fell 0.94% by mid-day in Frankfurt as benchmarks around the region notched losses of around 1% despite a series of solid -- although not spectacular -- corporate earnings and fresh M&A news. Britain's FTSE 100 fell 0.66%, with industrial and basic materials stocks leading the declines.

Credit Suisse (CS) was one of the region's outstanding movers, rising 4.26% to Sfr116.89 each after the Swiss investment bank topped analysts' forecasts with a 16.4% rise in first quarter net profits, the strongest in three years, even as it cautioned that "client activity levels remain sensitive" to the geopolitical and global trade tensions that are currently roiling markets.

Shire Plc (SHPG) shares were also active, rising 0.33% after it received a sweetened takeover offer from Japan's Takeda Pharmaceuticals (TKPYY) that valued the drugmaker at around $64 billion, while Sky plc surged as much as 5% after it scrapped a prior commitment to recommend a takeover bid from Rupert Murdoch's 21st Century Fox (FOX) after rival Comcast Corp. (CMCSA) put some meat on the bone of its own $31 billion bid for Europe's biggest pay-TV company.

Comcast is a holding in Action Alerts PLUS.

All this suggests, to your correspondent at least, that the prior macro market narrative (coordinated global growth, U.S. tax cuts and low interest rates will continue to boost markets) has been replaced with a more micro-focused truth (that not all stocks are going to move in tandem now that the tax cuts have been factored-in, global growth may slow and interest rates are set to rise faster than most of us anticipated).

That changes any investment strategy from one focused on the stock market to one that has to isolate stocks from the market. And that usually separates those who know what they're doing from those who found a false sense of security from guessing correctly when everything was going up.

Because, from now on, everything isn't.

The following article was first published at 10:10 a.m. eastern time as part of TheStreet's daily 'Chatter on The Street' global news snapshot. To learn or subscribe, please click here

More from Opinion

Qualcomm's Trade Secret Claims Against Apple Could Give it More Leverage

Qualcomm's Trade Secret Claims Against Apple Could Give it More Leverage

Facebook Needs to Tread Carefully Now That Instagram's Co-Founders Are Leaving

Facebook Needs to Tread Carefully Now That Instagram's Co-Founders Are Leaving

Tuesday Turnaround: Tilray's Toking

Tuesday Turnaround: Tilray's Toking

3 Software Stocks Now Available at a Discount

3 Software Stocks Now Available at a Discount

Microsoft Takes Aim at Oracle, Amazon and Others With Ignite Announcements

Microsoft Takes Aim at Oracle, Amazon and Others With Ignite Announcements