The U.S. stock market has remained resilient, with the S&P 500 gaining about 10% so far this year. Investors have been encouraged by steady economic data, as lower-than-expected jobless claims and stable retail sales suggest that consumer spending continues to hold up despite higher prices. The Federal Reserve reiterated that inflation remains above target but acknowledged the progress made, while stressing the central bank’s commitment to making independent policy decisions.

Markets are also navigating a mix of external risks. Ongoing tensions in the Middle East and proposed U.S. tariffs on selected Brazilian imports have added uncertainty, even as Iran’s release of an American prisoner has raised hopes for a…