Shares of Alcoa (NYSE:AA) are up today after the company reported earnings after market close last night, beating adjusted earnings-per-share estimates by $0.04 per share. As the first company to report each earnings season, many analysts look to their report as somewhat of a bellwether for where the overall market is headed.

On today's Stock of the Day, host Erin Kennedy and Motley Fool analyst Simon Erickson take a look at the report from Alcoa. Simon breaks down for investors the strength he saw in its upstream, midstream, and downstream segments, and discusses the momentum the company has behind it at the moment. He also talks about the widespread pessimism he sees in the market today and why the increase in aluminum demand last year and projected increase in demand this year are not only fueling Alcoa's momentum but also serving as at least one data point suggesting that a major market correction isn't on the horizon just yet.

While he ultimately sees Alcoa as a manufacturing stock that doesn't hold his interest at the moment, Simon sees this as a great start to what could be a very interesting earnings season.

Erin Kennedy and Simon Erickson have no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.