Retail earnings are rolling in, but beneath the surface, there may be warning signs for the broader market. John Grace breaks down the mixed earnings reports from Ross Stores (ROST) and Walmart (WMT), highlighting concerns over consumer debt, tariffs, and the potential for a market correction. With household debt near all-time highs, Grace sees similarities between today's market and the lead-up to the 2008 financial crisis. He warns that investors may be underestimating the impact of tariffs and advises active management and diversification strategies to weather any potential storm.