“We do have a lot of uncertainty right now … Also, I would c...

“We do have a lot of uncertainty right now … Also, I would call it an air of skepticism in terms of what [artificial intelligence] can deliver in terms of profitability and productivity, at least in the near term. And the market right now is a very much in a ‘show me’ state and wants to see this happen or see proof on a more accelerated timeframe,” Yung-Yu Ma, chief investment officer for BMO Wealth Management, said on CNBC’s “Closing Bell.”

There are healthy areas of the market, such as cruise lines and U.S. infrastructure, Ma said, however. He added that megacap technology names will still “struggle for a while” until they can regain their footing and have more proof come forward about their AI-related results.

Although some major tech names missed expectations this week, an overall positive earnings season so far is propping up investor enthusiasm. More than 25% of companies in the S&P 500 have reported their second-quarter earnings, according to FactSet data.

Thursday will see an additional slew of financial results from American Airlines, Northrop Grumman, Honeywell and Hasbro, among several other companies. Jobless claims data, and preliminary second-quarter GDP data will also be released before market open.