Investors being inundated with big earnings reports today.  About 10% of S&P 500 (^GSPC) companies are opening their books.

But will that have much of an impact?  Yahoo Finance Senior Columnist Michael Santoli says the stock market story lately has been...well...not much of a story.

"You have a lot of stocks going in a lot of different directions, that's why you have a flat market," he explains.  "The S&P 500 has crossed the 2,100 mark 18 times in the last two months."

And Santoli isn't sure what it will take for stocks to break the cycle.

"I don't know what that catalyst might be," he says. "The market stalled out because the fundamentals have basically taken a break from improving."

Santoli and other Wall Street watchers are also keeping their eyes on the Nasdaq (^IXIC), which ended yesterday less than 14 points below its all-time high set in March, 2000.

Also on the radar-- jobs.  The Labor Department reporting initial unemployment claims rose to 295,000 last week.

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The earnings parade

Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.

General Motors (GM) shares are lower this morning. The carmaker coming up short on both its top and bottom lines in the first quarter. GM feeling the effects of the strong dollar, a restructuring of its operations in Russia and an adjustment in its estimate of how much it will cost to compensate victims for faulty ignition switches. Those bad switches are blamed for crashes that caused at least 87 deaths.

Caterpillar (CAT) shares are soaring in early trading.The heavy machinery maker slightly raised its earnings per share outlook for the year after earnings and revenue came in well above estimates for the first quarter thanks to cost cutting and as it saw sales improve in North America.

Related: GM skids lower; Pepsi loses some fizz; Caterpillar climbs

3M (MMM) shares are falling after the maker of Post-it notes and other industrial products cut its outlook for the year as the stronger dollar dragged down sales in the first quarter. Revenue and earnings missed estimates with sales down 3% from a year earlier.

Procter & Gamble (PG) shares are down in early trading. The consumer products giant posting quarterly earnings in line with expectations. But revenue came up short of forecasts. P&G blames the strong dollar and warns foreign exchange rates will continue to be a drag on both sales and profit this year.

PepsiCo (PEP) shares are also on the move after the beverage and food company posted better-than-expected earnings and revenue in the first quarter as it benefited from cost cutting and growth in its Frito Lay division. But the company warned that a stronger dollar would weigh on its earnings per share this year more than it previously expected.

Facebook (FB) shares are lower in early trading. The social networking giant reporting revenue slowed in the first quarter, slightly missing estimates as the stronger dollar hurt ad sales.  Although adjusted earnings per share topped forecasts, spending on research and development took a toll on profits, which fell 20% from a year earlier. But Facebook did see monthly active users jump 13% to 1.44 billion.

Starbucks in focus later today

Starbucks (SBUX) reports its quarterly results after the close of trading. Analysts are looking for earnings of $0.33 per share, and a 5.1% jump in same-store sales.

Santoli feels that same-store sales figure will be key.

"I think a lot of investors are thinking about what happened to Chipotle (CMG), which is they beat on the earnings number but the traffic looked a little bit sluggish," he points out.  "I think they want to hear from Starbucks how they're going to get more people through their stores and spending a little bit more."

The Comcast (CMCSA) and Time Warner Cable (TWC) merger could be facing a serious setback.  Various reports say that the Federal Communication Commission is recommending the $45 billion merger be sent to an administrative hearing. This move could signal the agency doesn't believe the deal is in the public's interest.