Recovery is strong, but breadth and concentration risks remain.

Leadership remains powerful but increasingly dependent on narrow megacap and AI exposure.

Higher borrowing costs remain the key constraint on equity multiples.

Yield differentials continue to support the dollar against major currencies.

Sticky inflation has increased sensitivity to upcoming policy communication.

Curve dynamics reflect tighter policy expectations and persistent term-premium risk.

Safe-haven demand is being offset by rising real-rate expectations.

Iran-related headlines and inventory data continue to drive two-way volatility.

Risk appetite has improved, but higher-rate pressure limits conviction.

Equity momentum has recovered, while rates and inflation keep downside risk active.

US2000 requires broader participation and lower rate volatility to confirm leadership.

Recent whipsaw conditions favor disciplined risk management over complacency.