Fed holding rates at 4.25-4.50% removes downside risk, while Q1 mega-cap earnings (MSFT +18% rev, GOOG +22%) beat consensus and sustain risk-on sentiment. VOO has climbed ~10% from its March low with steady momentum; the April tariff volatility appears priced-in after partial US-China truce. NFP data is the main risk but trend favors continuation.