Wall Street is still treating the current stock market rally with caution, even after a near 30% or trough-to-peak surge for the S&P 500 over the past three months, as tariff and interest-rate uncertainty linger into the start of the second-quarter earnings season.

Stock market today opens flat as investors assess Trump’s new tariffs, global market reaction, and upcoming Fed meeting minutes.

Much of the gains for U.S. stocks over the past few months have been powered by retail investors and corporations buying back their own shares. But more recently, professional investors on Wall Street have started warming up to stocks again just as major U.