How the stock market works, ’60s cartoon edition

No one will know for sure, but I could imagine that if the end-of-quarter activity drove today’s gains, the rally likely won’t last and, more importantly, could be given back pretty fast.

Pricing power remains a growth lever, but volumes are showing strain. The new tariff regime is set to test the limits of pricing power further. Companies are still managing to push through price gains, but elasticity is no longer negligible. And tariffs threaten to raise input costs, squeezing margins.