Yes, we're in a new earnings AND economic cycle - Liberation Day marked end of rolling recession. Broadening out now as previously recessionary sectors (consumer goods, financials, industrials) emerge. Russell 3000 median stock earnings showing double-digit growth for first time in 4 years.

Two catalysts: 1) AI CapEx cycle uncertainty/testing period (premature to dismiss AI), 2) New Fed chair nominee (Kevin Warsh) confirmation process creates near-term uncertainty. Market may struggle for 1-2 months, then have strong second half. Stands by 7000 S&P target by year-end.