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. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.