With Wall Street kicking off another rally, American stocks are now trading like Donald Trump’s “Liberation Day” shock never happened.

Rising tariffs and the weakening dollar are casting a shadow on companies’ profit guidance this earnings season, with more damage seen unfolding over the coming quarters.

European stocks edged higher, extending gains into a second day, ahead of a key US inflation print that’s expected to show price pressures continuing to ease.

Markets are showing characteristics of a bubble in the record-setting surge by tech’s so-called Magnificent Seven stocks and the all-time highs in cryptocurrencies, according to Bank of America Corp. Chief Investment Strategist Michael Hartnett.