Wall Street’s momentum remains impressive, even after a brief pause following a record-setting run. Major indexes recently touched fresh highs, showing that investors are still willing to look beyond short-term noise such as rising bond yields, elevated oil prices and ongoing geopolitical tensions. While higher-for-longer interest rates may limit near-term enthusiasm, the broader market continues to draw support from strong earnings and steady economic activity.

A major driver of this resilience has been the continued leadership of large technology companies, especially those investing aggressively in artificial intelligence. Their earnings strength and growth outlook have helped keep sentiment constructive, even as inflation…