Mark Haefele, chief investment officer at UBS Global Wealth Management, was quoted: “We’re at an interesting inflection point where we’re moving later into the cycle. Whether earnings roll over is going to be the deciding factor that ends this cycle.”

According to Titus Wealth Management managing director Scot Lance, companies would have grown first-quarter earnings by only single digits if not for last year’s tax cuts. He said however, that it would “still support further stock gains, because companies have also been growing their revenues, a sign that recent gains haven’t just come from cost-cutting.”

But as earnings growth slows down, the article concludes, stocks will look more expensive. “That is something investors say could make it more difficult for the stock market to keep rallying.”

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