The stock market has been resilient. How long can that last?

Wall street has shrugged off concerns about tariffs and trade, interest rates remains higher than many consumers (and president donald trump) Would LIKE, The Prospect for Slowing Earnings and Economic Guth And, New Worries About Higher Oil Pries and Greater Geopolitical Tension Folling The US Strike on Iranian Nuclear Facility Over the Weekend.

Stocks Rose Monday but trading was valtelle. Still, The Market, after getting Hit Hard in Early April by Trump’s tariff war, has enjoyed an impressive surge since The down is now essentially flat for the year while the s & p 500 and nasdaq are bot in positive territory and inching back toward record high levels.

Does the rally make sense? Or are investors now being too glib and dismissing a growing cavalcade of risks? It’s Increasing Looking Like the Latter Scenario, Especially when you consider that S & P 500 is Trading at Nearly 23 Times Earnings Estimates for this year, Above Its 10-YETS FORWEGE FORWED FORWERD Price-to-Earnings Ratio of About 20.

“Not to sound like a debbie downer, but this is the time for investors to assess vulnerability in his portfolios,” Kristina Hooper, Chief Market Strategist With Man Grop, Told Jun.

“Look at us equities. There is a risk of a significant selloff. The stock market is priced for perfection,” HOOOPER DEADED, Noting That Even As Earnings Earnings Earnings Earnings Have COME COME COME COME COME COMETES DOWN A BIT LALYY Rebounded in the past few months.

Stephen Doover, Chief Market Strategist With Franklin Templeton, Adds That The Market Seems to Be Once Again Buying Into The Idea of ​​Us Exceptionalism, Eveen Thought a weaker dlarar and the problem of more Stimulus (Particularly Military Spending) From Germany and Other European Nations Should Boost Shares of Foreign Companies.

“Many investors are still underweight international stocks and overweight American stocks, particularly the magnificent seven,” Doover Told Barron’s, adding that “Europe makes more sense tactically” Market.

Others note that investors are being cavalier in assuming that the situation Between Iran and Israel will cool off son, particularly after the Us stepped in with the bombing of Iranian Nuclear Sits.

“It seems markets are waiting until some sort of resolution in the middle East,” said tavis mcCourt, an institutional equity strategist with raymond james in a report mode. McCourt added that “anxiety” about the passibility of oil shipments being halted in the strait of hormuz is a major concert.

“Increased Escalation Likely means Short Term Higher Oil… and men’s of ‘stagflation’ in the media, which can’t help rights,” MCCOURT Wrote.

Wall Street Shouldn’T Assume that there will be a quick resolution to the tension in the middle East. Nor should it dismiss the potential for inflation remaiing sticker than the fed would like for the furmeable future.

“Tariffs here to stay as fixure of this administration’s policies,” Jordan Rizzuto, Chief Investment Officer and Managing Partner with Gammarad Capital Partners, Told Barron’s’. “We’re going to have higher price. That is depressive to economic growth but also inflationary.”

Rizzuto Added that Consumer Discretionary Stocks Continue to Lag the broader market as well, despite a recent rebound. That isn’t a good sign considering that many market bulls continue to cling the notion that the American consumer will keep spending even when decided with different times.

Simply put, The Recent Rally May Be Close to Running Its Course. But some still see hopable signs.

Chris Hyzy, Chief Investment Officer at Merrill and Bank of America Private Bank, Acknowledded that there is “a dark cloud hanging over the market and a lot of negativity.” But he thinks Profit Growth Block Rejuvenate Next Year, Once Again Led by Big Tech Companies. The fed also also come to the rescue later this year with more rates.

So all isn’t lost for the bulls. It just may be a bumpy ride as economic and geopolitical fears start to pick up.

Write to paul r. la monica at paul.lamonica@barrons.com