Morningstar Wealth's Philip Straehl says U.S. equities are showing resilience as key downside risks fade, including easing rate‑hike fears and progress toward a ceasefire. He notes recent tech and semiconductor gains appear driven more by sentiment and liquidity than new fundamentals. In software, Morningstar favors high‑switching‑cost names like SAP (SAP), while gold’s role as a hedge has weakened as risk assets continue to climb.