1. The S&P 500 continued its strong uptrend with 35 new highs in 2025, driven by tech and high-beta stocks, while defensive sectors underperformed; 2. Recent investor rotation favored NASDAQ, blockchain, and cyclical equities over foreign markets, REITs, and gold; 3. Elevated valuations nearing 1999 levels raise concerns about sustainability of returns, signaling caution for future market performance.