Several Dow components report earnings today, results that will help determine the direction of the broader stock market.

This morning, the world's largest restaurant company is expected to report that burger business in the U.S. is limp. But McDonald's is winning more European fans, helping to boost its bottom line. Sales in Europe also benefited from the decline in the U.S. dollar, which increases the value of the chain's overseas revenue when translated into U.S. currency.

BOEING HURT BY AIRLINE CUTS

As the earnings parade continues, Boeing is expected to report profit fell more than 9 percent from a year earlier. Analysts have been looking for evidence of international growth at the aerospace firm, as high fuel prices have sparked worries U.S. airlines will cancel orders. Goldman Sachs analyst Richard Safran remains cautious on aerospace and "expects orders to be down 50 percent year-over-year."

PFIZER BOOSTED BY COST CUTS

Analysts predict profit for the drugmaker will rise more than 28 percent from a year ago, but they worry about future generic drug competition. A recent agreement with Ranbaxy Laboratories delays until 2011 a generic version of Lipitor, easing near-term jitters over the cholesterol drug, which will account for as much as a quarter of Pfizer's 2008 sales, notes S&P analyst Herman B. Saftlas. While Pfizer faces patent losses in years ahead, and a "relatively sparse late-stage pipeline," cost cuts could yield as much as $2 billion in savings by year-end. Saftlas also forecasts sales growth for Celebrex, for arthritis; and Lyrica, for epilepsy.