$SPDR S&P 500 ETF (SPY.US)$$Pfizer (PFE.US)$ The stock marke...

$SPDR S&P 500 ETF(SPY.US)$ $Pfizer(PFE.US)$ The stock market took a breather, putting a pause on this record-breaking rally, with all three major indexes closing the day lower. In recent weeks, market participants have rode an extended wave of optimism amid better than expected earnings season, new, better than expected economic data, the passage of the $1.2 trillion infrastructure bill in Congress, and a new antiviral coronavirus pill from Pfizer (PFE).

With roughly 89% of companies in the S&P 500 (SPY) having already reported earnings, 81% of those have so far posted better than expected earnings per share and 75% of those reported better than expected revenue. FactSet projects that the year-on-year earnings growth rate for the index stands at 40%, though this number has continued creeping higher as earnings season unfolds.