Stock investors fancy themselves a prophetic lot -- always attempting to discount the news to come six months down the road. So as second-quarter earnings stream in as strong as the first quarter's, the season is partially overshadowed by investors' concern about economic growth in the latter part of the year. First-quarter earnings were hailed heroically as investors expected the May 10 FOMC meeting to be the real "one and done" finale. But second-quarter reports are being held to tougher standards as traders attempt to forecast when and how hard the economy might fall. UPS' ( UPS) chief financial officer said Tuesday that the U.S. economy is likely to moderate, which initially sent stocks reeling. His words were the antithesis to FedEx's ( FDX) chief executive's bullish remarks last month that the global economy is going strong. UPS shares finished the day down 10.51%, dragging down FedEx, which fell 0.9%, and the Dow Jones Transportation Average, which dropped 1.8%. With stronger-than-expected consumer confidence data and falling oil prices offsetting the early impact of UPS' disappointment, major averages staged a minor rally late in the day to end near the session's highs. The Dow Jones Industrial Average gained 0.5% to 11,103.71, while the S&P 500 gained 0.6% to 1268.88. The Nasdaq Composite gained 0.6% to finish the day at 2073.90. Still, investors are punishing companies with hints of weaker earnings disproportionately more than they are rewarding those who beat expectations. Tuesday's earnings reports tell the tale. A sample of companies that gave poor guidance and/or missed earnings, included UPS, 3M ( MMM), Legg Mason ( LM), Netflix ( NFLX), Level 3 Communications ( LVLT) and Zoran ( ZRAN), fell between 5% and 28%, and by over 13% on average. Meanwhile, the performance of companies that beat expectations ranged from a 0.2% decline for McDonald's ( MCD) to a gain of 14.7% for SanDisk ( SNDK).