SPX: New ATH despite inflation risksS&P 500SP:SPXXBTFXThe Strait of Hormuz was declared open, while the inflation figures in the US were relatively calm, which caused the S&P 500 to continue its upward momentum, reaching fresh record highs as investors looked past geopolitical tensions and focused on supportive macro signals and strong corporate earnings. The rally has been underpinned by better-than-expected earnings from major index constituents, particularly in financials and technology, which have led sector gains. Under the renewed optimism, the S&P 500 reached a new all time highest level, passing the 7.100 mark, and closing the week at 7.126. From a macro perspective, markets are reacting to a mixed but manageable economic backdrop. Inflation remains a key variable: recent data shows price pressures are still present but not accelerating as feared, allowing equities to sustain bullish momentum. At the same time, rising oil prices linked to geopolitical tensions continue to pose upside risks to inflation and could influence Federal Reserve policy expectations. Despite these concerns, investor sentiment has turned increasingly positive, with flows into equities and momentum-driven strategies supporting the index. The S&P 500 has posted a strong multi-day rally, with gains driven by expectations of resilient U.S. growth and continued earnings strength across its largest components. On the corporate side, notable movements among index constituents highlight the current market dynamics: technology and AI-related names, alongside financial firms, are leading rebounds, while some previously underperforming stocks are staging sharp recoveries. Overall, the S&P 500 remains supported by a combination of solid earnings, still-contained inflation, and improving risk appetite, although the sustainability of the rally will depend on how inflation, energy prices, and monetary policy evolve in the coming weeks.