The stock market keeps climbing even though expectations for Fed rate cuts are falling. That’s not what usually happens.

It’s that time of year when investors basking in summertime good vibrations might want to brace for a rockier stretch for stocks. There’s an old adage in the stock market that investors should “sell in May and go away.” But doing that would have been a particularly big mistake this year.

Record earnings for the world’s largest chip maker, Taiwan Semiconductor Manufacturing, propelled potentially tariff-sensitive semiconductor stocks higher. A University of Michigan survey suggested consumer sentiment is rebounding slightly in July,