This is all an art, not a science, so you have to take it all in with some skepticism, but it appears that until recently, good news was good for the market and bad news was good for the market.
Market rising rapidly betting on a soft or no landing, which rarely happens, no problem
Multiples at all time highs, no problem
The Fed raising 500 bps and doing $75BB a month in QT? No Problem.
Inflation maybe not conquered? no problem
An out of control budget deficit? No problem
The worlds second biggest economy in potentially severe downturn? No problem
War in Ukraine? No problem
War in Gaza? No problem
Houthis attacking Red Sea shipping lanes? No problem.
Hezbollah threatening to go to war? No problem
China threatening Taiwan? No problem
Dysfunctional political system? No problem
A looming crisis in the mortgage debt market? No problem