Earnings season takes back seat to interest rate, tariff concerns 

Investors evaluating tariff risks has contributed to market volatility over recent weeks

article-image

President Trump | Consolidated News Photos/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


The “tariff trade,” or the market volatility we’ve seen the past couple of weeks as investors evaluate tariff risks, has overshadowed the tail end of earnings season. 

But many analysts still think US equities have room to go higher. 

President Trump’s threats have been delayed, not canceled. 25% tariffs on steel and aluminum tariffs are slated to start next month, and reciprocal tariffs against a range of countries are still being designed, so the news cycle — and market — are likely to take a break from focusing on duties. 

In the meantime, Big Tech stocks are just starting to recover from some post-earnings dips, but the S&P 500 is still outperforming the Magnificent Seven. 

Amazon’s web services business reported a 37% profit margin in Q4 2024 — an impressive feat, but investors weren’t sold. Shares fell more than 4% following the company’s report. 

Microsoft was a similar story. Shares had their worst day since 2022 after execs reported Q4 earnings, even though figures for earnings per share and revenue came in higher than expected. 

Google shares were down more than 8% after Alphabet missed on Q4 revenue. 

Still, Sevens Report Research founder Tom Essaye says that as long as economic data continues to stay in the “Goldilocks” range, the market should prove resilient. Should the Fed signal that this pause is likely to continue for a long while, we could be in trouble.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

Insiders have the best information — markets should be willing to pay for it

article-image

The CFTC-regulated exchange is opening doors to crypto builders and traders through grants, partnerships, and new deposit options

by Blockworks /
article-image

DFS tells banking organizations to integrate blockchain monitoring tools to curb money laundering and sanctions risks

by Blockworks /
article-image

New short and long-term priorities include L1 gas boosts, ZK-EVMs, privacy reads, and a lean, quantum-resistant Ethereum

by Blockworks /
article-image

The new stBTC token redistributes Bitcoin gas fees to users, creating liquid yield without inflation or lockups

by Blockworks /
article-image

The reserve will collect protocol revenues to back W token, alongside new yield and unlock schedule

by Blockworks /