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1. Retail saw strongest month of buying since 2017, buying both single stocks and ETFs,” according to JPMorgan.

2. The market lacks conviction.

The biggest driver remains uncertainty and what stocks aren’t yet pricing in or overdoing — with no real long-term conviction seen on the way down or during the ensuing rebound. Price action is mainly fueled by short-term headlines and guess work on how the quickly evolving US tariffs story will be told through corporate earnings and new valuation regimes.

So do bulls really have enough confidence in the latest bounce to push higher, causing pain for those late to the chase? Or is the bear market rally conundrum taking over as the damage is done and the bounce was too much too fast?

Statistics say the market can go both ways.

3. EU power grid needs trillion-dollar upgrade to avert Spain-style blackouts.

Europe's ageing power grid and lack of energy storage capacity will require trillions of dollars in investments to cope with rising green energy output, increasing electricity demand and to avoid blackouts.

A week ago, Spain and Portugal lost power in their worst blackout. Authorities are investigating the cause, but whatever the findings, analysts and industry representatives say infrastructure investment is essential.

"The blackout was a wake-up call. It showed that the need to modernise and reinforce Europe’s electricity grid is urgent and unavoidable," Kristina Ruby, secretary general at Eurelectric, Europe's electricity industry association, said.

The European Union's power grid mostly dates back to the last century and half the lines are over 40 years old. Rising low-carbon energy production and booming demand from data centres and electric vehicles require an overhaul of the grids that also need digital protection to withstand cyber attacks.

While global investment in renewables has nearly doubled since 2010, investment in grids has barely changed at around $300 billion a year. The amount needs to double by 2030 to over $600 billion a year to cover the necessary overhauls, according to the International Energy Agency.

4. JPMorgan strategists say US assets are “not a good place to hide.”

An actual recession could still be avoided, but if one were to come through, the views by many that it is already in the price could prove to be too optimistic.

After all, the S&P is still trading at 21x forward, on 10% EPS growth expectation for this year, and 14% for next.

That is far from pricing in any meaningful recession fears.

Here are the consensus expectations i.e. priced in the market, according to IBES.

5. Berkshire enters its CEO transition with $348 billion in cash.

The portfolio is still anchored by giants like Apple, Bank of America, and Coca-Cola.

Operating earnings fell 14% this quarter as the broader economy softened.

Buffett stayed cautious. No buybacks for a third straight quarter. More stocks sold than bought.

Commenting on recent events, his message was clear: long-term thinking matters more than market noise.

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