Wall Street opened lower on Tuesday, a day after the S&P 500 scaled a new record high as trade talks progressed. S&P 500 (SP500) -0.3%, the Dow (DJI) -0.1%, and the Nasdaq Composite (COMP:IND) -0.4%.

Midway through 2025, the S&P 500 has rebounded from months of trade tensions and economic uncertainty that had sent it deep into negative terrain.

The S&P 500 hit its fifth all-time high of the year Monday, with consensus building around more to come as we enter the second half of the year. But strategists warn this stock market rally is not risk-free.