Good morning. U.S. equities finished Friday on a high note, capping a four-day winning streak—the longest since January—as tariff concerns showed tentative signs of easing. Consumer discretionary and technology sectors led gains, supported by encouraging earnings results and a modest pickup in consumer sentiment. Markets appear cautiously optimistic, though underlying risks from trade dynamics and economic slowdown remain.

Friday’s session closed out a strong week for stocks, while bond yields eased further and gold retreated from recent highs amid profit-taking. Meanwhile, early earnings season results continue to surpass expectations, helping reinforce the rally despite lingering global uncertainties. As a heavy earnings week kicks off, investors will be looking for signs that corporate America can navigate the shifting tariff landscape.

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Stocks rose again Friday, with the S&P 500 posting a fourth straight gain. Consumer discretionary and technology sectors outperformed, fueled by optimism around possible U.S.-China tariff exemptions. The University of Michigan Consumer Sentiment Index was revised upward to 52.2, above preliminary readings, showing improved consumer confidence. Treasuries rallied, sending the 10-year yield down to 4.25%, while gold prices slipped following a record-setting week.

Earnings momentum remains strong: with 36% of S&P 500 companies reporting, 74% have topped estimates, and first-quarter earnings growth is tracking at 6.1%. Alphabet posted strong results after the close Thursday, helping lift sentiment toward the tech sector. Broader global markets ended the week mostly higher, buoyed by hopes for trade progress and stabilizing monetary policy expectations.

Markets are rallying off extreme pessimism, but risks from tariffs, slowing growth, and policy uncertainty remain potent. Solid early earnings and easing monetary expectations have provided fuel for the rebound, but headline risk remains elevated. As we enter a critical stretch of earnings and economic data, investors should stay nimble but patient.