By coinnews 
00:00:00 Speaker A
So Sam, you touched on a number of the different things that investors have been watching so closely this year, right? And I think we can put them broadly in three buckets. The tariff bucket, right, or the policy bucket more broadly, the earnings bucket, and the Fed, right? Right now, now that this sort of worst-case scenario for tariffs is off the table. How do you think investors are rating those in terms of importance and what they’re watching?
00:01:04 Sam
I think they might have swapped tariffs for earnings because if we are seeing an easing of the trade discord uh and the hopes that well, we got an agreement with the UK. Uh we have a pause period with China, maybe things will be working out with other countries. Uh the question is prices lead fundamentals, right? Okay. Well, fundamentally, we have seen earnings expectations for 2025 be cut nearly in half. Uh it started the year where expectations were for about a 13% year-on-year rise for all of 2025. Now that estimate, according to S&P capital IQ consensus estimates, is 7%. So I think we’re going to have to see many more upward revisions to full-year earnings estimates before investors really feel confident that the worst is behind us.