Stocks quietly climbed Thursday, with the S&P 500 up about 0.6%just 15 points shy of its all-time highwhile the Dow and Nasdaq each rose roughly 0.7%. Short-dated Treasuries led the bond rally, sending the 2-year yield down to 3.74% and the 10-year to 4.27%. Even the curve from the 5-to 30-year spiked to 101 basis points, its steepest since 2021.

On the data front, Q1 GDP was nudged down to 0.5%, yet durable-goods orders unexpectedly jumped in May and initial jobless claims dropped by 10,000. The Chicago Fed’s activity gauge ticked up, corporate profits were slightly revised, wholesale inventories dipped, and retail stockpiles (ex-autos) inched higher.

With markets flirting with fresh highs, traders are hunting for clues on Fed policy, growth momentum, and which sectors to favorenergy led this rally, while real estate lagged. Now, everyone’s eyeing the Senate’s tax bill, upcoming Fed testimony, and July’s economic calendar to see if the S&P can finally reclaim its record territory.

This article first appeared on GuruFocus.