Data out from Bank of America shows that about 70% of companies that reported their fourth-quarter earnings have beat Wall Street estimates, above the historical average of 63%. While earnings season has been mainly positive so far, is it enough to keep up the recent rally in the market?

Niladri Mukherjee, TIAA Chief Investment Officer of the Wealth Management Division, joins Yahoo Finance to discuss the latest earnings season and the risks posed to the stock market's recent positive run.

"If you look at the top ten stocks in the S&P 500, they're more than 30% of the index now, and those same top ten names are contributing roughly 20% to 23% to the earnings of the S&P. They're punching above their weight slightly, but not too much," Mukherjee explains, adding: "But, I do think the concentration risk is there. The biggest thing for the markets this year is going to be the Fed rate cuts. Earnings is number one. Fed rate cuts is number two."

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Editor's note: This article was written by Nicholas Jacobino