Somehow, The NFL Has Survived

• We’re now moving into the most important part of earnings season…and tonight’s report/guidance out of Alphabet (GOOGL) should be important. That said, it will still take a while before we know just how good or bad the outlook will be for the rest of 2025 and the first half of 2026, so we don’t want to portray GOOGL’s announcement as a critical one. However, it sure seems like the tariff issue won’t be resolved for a while, so the broad earnings picture we get over the next week or two WILL be quite critical for the markets.