Here Is Why the Markets Are In a Holding Pattern

With no central bank meetings in the coming weeks, investors now await third quarter earnings reports. "Earnings drive performance," said George Rusnak, co-head of global fixed income strategy at Wells Fargo Investment Institute. "I think people are looking towards monetary policy which has driven a lot of the earnings," referring to how easy money policies incentivize companies to buyback shares to boost their stock prices. But Rusnak doesn't see a near-term rate increase putting a damper on corporate earnings. Third quarter earnings, which commence Monday when Alcoa (AA) - Get Report reports results, are expected to fall 2.1% year-over-year, according to FactSet. TheStreet's Scott Gamm reports from Wall Street.