Unless new tariffs or the Iran conflict produce additional, damaging economic surprises, the key market drivers remain economic and earnings fundamentals—both of which remain strong.
Today’s IPO market can be seen as a good sign that companies have access to capital and investors are willing to take risks. But enthusiasm and discipline do not always move together.
Small-cap strength suggests a broader market rally—and as more areas begin participating, it points to improving confidence in the broader economy and a more balanced set of opportunities.