Of the companies in the S&P 500 that have reported earnings, about two-thirds have gone on to beat estimates, which looks good on the surface. But that hasn't translated to gains on the market, with the S&P 500 down around 3% for the year. So what's going on?

2014 expectations may have gotten ahead of themselves for the market as a whole, but there are also some positives to point to. Microsoft (NASDAQ:MSFT) saw increased business spending, and its stock popped after earnings. General Electric (NYSE:GE) saw a 3% rise in revenue on strength in energy and aviation, two strong segments of the economy. And Caterpillar (NYSE:CAT) sees an improving housing industry, even if a decline in mining sales is overshadowing that positive right now.

You wouldn't know it by looking at the broader market, but there are a lot of positives to be found when you dig into this earnings season's results. Erin Miller sat down with Fool contributor Travis Hoium to discuss what he's seen so far.