U.S. equity markets surged yet again, driven by strength in Big Tech where Apple and Microsoft both touched $4 trillion market-cap marks. The performance underscores investor optimism around AI gains and lower inflation. However, with the Federal Reserve decision on rate cuts pending, some strategists urge caution. The debate centres on whether the Fed will shift decisively dovish or maintain a cautious stance. Without clear forward guidance or strong earnings reinforcement, markets may be vulnerable to sharp pullbacks despite the upside momentum.