There is no doubt that higher interest rate will add pressure to

However, 

1. the interest rate will increase by small amount and gradually rather than a sudden big hike. This will mitigate the impact on companies' earnings; 

2. there are companies who borrow because of the borrowing cost is attractive in the past a few years. Adding debt makes their overall cost of capital more efficient. When debt is not as attractive, they can reduce the level of borrowing;

3. a large portion of companies have issued positive outlooks for 2018 in recent earnings release, with earnings running higher. I would imagine cost of capital was considered in their numbers; 

The concern of the market right now is the cumulated speculative trading. If there are more things like xiv/svyy happens, correlations between assets get worse in extreme scenarios...