U.S. equities extended their rally for a third consecutive week, with several major indices reaching fresh record highs amid signs of de-escalation in the Middle East, supportive earnings, and broadly resilient economic data. The Nasdaq Composite led gains, rising 6.84%, followed by the S&P 500 and Dow Jones Industrial Average, up 4.54% and 3.19%, respectively. Bonds joined the move late in the week after Iranian officials signaled that the Strait of Hormuz would remain open. Across the Atlantic, gains were more measured, with the pan-European STOXX Europe 600 rising 1.91% as investors digested corporate earnings. Germany’s DAX added 3.77%, Italy’s FTSE MIB rose 2.65%, and France’s CAC 40 gained 2.00%, while the UK’s FTSE 100 lagged with a 0.63% advance. Asia followed suit, with Japan’s Nikkei 225 rising 2.73% to a record high and Hong Kong’s Hang Seng advancing 1.03%. Looking ahead, a busy earnings calendar and a slate of economic data will provide further insight into how households and businesses are absorbing higher energy costs, partly offset by stronger fiscal support. At the same time, President Donald Trump signaled that negotiations with Iran are progressing and suggested a deal could be reached “fairly soon,” though other officials remain more cautious on timing. With markets already pricing a benign outcome, can the rally in risk assets extend from here?