Markets keep acting cheerful in places where the macro backdrop really doesn't. Oil is still expensive, semis look stretched and jittery, and a bunch of big economic reports are about to test how much of this rally is sturdy and how much is vibes.

• War-driven oil prices
• The rally versus the macro backdrop
• Semiconductor volatility warning
• How traders are adapting
• Business investment and data-center friction
• AI and software incumbents
• Why the dollar still has support
• The data that could shake things loose
• What ties it all together

This podcast was created with Podkey. Make your own at https://podkey.fm