Settling Into Uncertainty

U.S. equities extended a four-week winning streak with the S&P 500 notching fresh record highs as solid corporate earnings, resilient retail sales and greater Fed clarity outweighed a sharp weekly oil surge and geopolitical uncertainty. The Nasdaq 100 outperformed, led by semiconductor strength, while Treasury yields rose modestly. Real estate equities underperformed despite generally positive REIT results—Equity REITs slipped and mortgage REITs posted small gains—while M&A in the sector lifted select names. Overall the piece frames a constructive market backdrop driven by earnings and policy clarity, but flags risks from higher oil prices, shipping disruptions and uneven international economic conditions.