The S&P 500 is approaching all-time highs and has gone 86 consecutive trading days without a 2% decline, defying broader bond market volatility. This sustained period of low volatility highlights exceptional equity market resilience despite macroeconomic headwinds. The current streak adds to a historic run of stability, following a remarkable 350-day period in 2024 without significant drawdowns. Market participants note the extended calm in equities contrasts sharply with turbulence in fixed income markets.