Midway through 2025, the S&P 500 has rebounded from months of trade tensions and economic uncertainty that sent it deep into negative terrain.

The S&P 500 hit its fifth all-time high of the year Monday, with consensus building around more to come as we enter the second half of the year. But strategists warn this stock market rally is not risk-free.

Wall Street opened lower on Tuesday, a day after the S&P 500 scaled a new record high as trade talks progressed. S&P 500 (SP500) -0.3%, the Dow (DJI) -0.1%, and the Nasdaq Composite (COMP:IND) -0.4%.

U.S. stocks are mixed, with the Dow jumping 400 points after Senate narrowly passes tax bill. Tesla shares sink on Trump threats.

The measure, Trump's top legislative goal, passed in a 51-50 vote, after Vice President JD Vance cast the tiebreaking vote. The megabill would extend the 2017 tax cuts that were Trump's main legislative achievement during his first term as president,