** Earnings Focus Amidst Macro Headwinds** **Executive Summary** Investors are looking to a robust corporate earnings season to underpin the ongoing U.S. equity rally, countering pressure from geopolitical tensions and domestic policy uncertainty. While major indexes remain near record highs, recent sessions have evidenced a contraction in sentiment and heightened volatility. **Key Drivers & Watchlist** * **Earnings Criticality:** This week’s slate of key earnings reports will be scrutinized as a decisive factor in sustaining current market valuations. * **Policy & Fed Outlook:** Market participants are closely monitoring risks associated with Federal Reserve independence and the broader economic implications of potential policy shifts. * **Market Technicals:** Despite recent dips, the structural trend remains elevated, though increased volatility suggests a cautious near-term outlook.