Core Viewpoint - The stock market bull run may soon enter a phase of increased volatility as the global earnings season kicks off, with many major markets having already factored in upward revisions to earnings per share into stock prices [1] Group 1: Market Performance - European sectors with high international exposure have seen significant downward revisions in earnings expectations this year, underperforming compared to sectors focused on domestic business [1] Group 2: Earnings Concerns - The core concern is that if earnings do not meet expectations, the current valuation levels may limit future upside potential [1]