"The Bull Market Is Alive… But the Macro Headwinds Are Getting Stronger"

Earnings Season Becomes the Next Big Test

This week reminded investors that markets can keep climbing even while macro risks quietly build beneath the surface. AI stayed the dominant theme and the S&P and Nasdaq pushed to fresh record highs — but rising bond yields, persistent inflation, and the start of earnings season are setting up what could be one of the most important stretches of the summer. Underneath the record close, this was a narrow market: on the day the indexes printed new highs, roughly 9 of 11 S&P sectors actually finished lower.

Here are the five biggest stories — and the data behind them.