Bearish Crypto and Key Earnings Reports Test Market Stability

The cryptocurrency market has witnessed a sharp downturn, with Kaspa (KAS) recently breaking below a critical two-year support level, signaling deepening bearish sentiment among investors. The decline has intensified concerns about broader market stability, particularly as traditional equities also show signs of strain. While KAS's price action dominates headlines, several major stocks are under scrutiny ahead of key earnings reports and strategic updates that could influence investor sentiment.

Kaiser Aluminum (NASDAQ:KALU) is set to release its quarterly earnings on Wednesday, October 22, 2025. Analysts expect the company to report earnings per share (EPS) of $0.85, building on its recent history of mixed performance. Last quarter, the stock fell 4.88% after beating EPS estimates by $0.57, highlighting the volatility tied to earnings surprises. With a 52-week return of 17.87%, long-term shareholders remain cautiously optimistic, though the neutral analyst rating suggests tempered expectations, according to a Benzinga preview.

Meanwhile, QuantumScape (QS) prepares to unveil its Q3 2025 results, with investors keenly watching progress on its Cobra separator technology. The firm's stock has surged over 200% year-to-date, fueled by its pioneering work in solid-state batteries. However, challenges remain: the company forecasts a net loss of $0.20 per share and has yet to generate material revenue. Key updates on B1 sample deliveries and the Volkswagen PowerCo partnership will be critical, as delays in scaling production could undermine investor confidence, according to a TradingView preview.

In the software sector, SAP (NYSE:SAP) has attracted attention as Barclays and KeyBanc raised price targets to €348 and EUR300, respectively, citing strong cloud growth, as noted in an Investing.com report on Barclays and an Investing.com note on KeyBanc. SAP's Q3 results showed non-IFRS EPS of €1.59, exceeding estimates, while its cloud backlog growth of 23-27% underscores resilience in a challenging macroeconomic environment. Analysts remain bullish, with KeyBanc noting CEO Christian Klein's confidence in the company's pipeline despite near-term volatility.

Kemper Corp (KMPR) also faces an earnings test on October 28, with analysts forecasting $1.32 per share. The company's historical performance has been inconsistent, with recent quarters showing both beats and misses. While the median 12-month price target of $72.00 implies 33.8% upside, a "hold" consensus rating reflects cautious optimism, according to a Reuters preview.

The interconnectedness of these markets underscores the fragility of current investor sentiment. As KAS's price decline amplifies bearish narratives, the performance of these equities could either stabilize or further destabilize broader market confidence.