The U.S. stock market's bull run is almost three years old, but if history is a guide, that would make it only middle-aged.

Stocks are at record highs, but Wall Street sentiment gauges show growing euphoria — a sign that stretched valuations could leave markets vulnerable to a pullback.

A monthslong calm on Wall Street shattered, and U.S. stocks tumbled after President Donald Trump threatened to crank tariffs higher on China. The S&P 500 sank 2.7% Friday in its

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Gold also fell following its stellar rally this year, losing 2.4% to drop back below $4,000 per ounce, while Treasury yields held relatively steady in the bond market. They’re taking a moment following big runs driven in large part by expectations that the Federal Reserve will cut interest rates to support the economy.

Stocks on Tuesday fail to extend their remarkably resilient bull run as gold flirts with the $4,000 mark.

Analysts are getting even more bullish on market leaders, with more upgrades for NVIDIA and AMD. Firms like Morgan Stanley, TD Cowen, and Citi just raised their price targets, thanks again to progress with artificial intelligence.

The yen’s value dropped against the U.S. dollar on expectations that Takaichi will boost spending, likely adding to inflationary pressures. That in turn helped push up stocks of Japanese exporters, whose products can become more attractive on the global market when the yen is cheaper.

The stock market traded in the green on Friday, a day after Wall Street paused its rally as concerns rose about the length of the U.S. government shutdown. S&P 500 (SP500) +0.2%, the Dow (DJI) +0.4%,