Ceasefire talks between the U.S. and Iran supported risk sentiment this week, helping the S&P 500 move above the 7,000 psychological level and close at a record high. The Strait of Hormuz has now opened to commercial vessels, helping ease concerns around energy supply. Market momentum has been unusually strong since the March 30 low, with the S&P 500 advancing in 12 of the past 13 sessions and the Nasdaq posting gains in each of those 13 sessions. Earnings season also began during the week, with banks and AI supply-chain companies among the first to report. Early results have been solid, as 88% of the roughly 10% of S&P 500 companies reporting to date have exceeded expectations.