Wall Street banks are turning more bullish on US stocks, despite President Donald Trump’s renewed threats of steep tariffs on major trading partners, with most big companies expected to shrug off the turmoil in the upcoming earnings season.

Market movements were relatively muted, signaling investors think Trump’s new tariffs are more negotiating tactics than firm policy. It’s a noticeable change from early April, when Trump’s “Liberation Day” tariffs sent stocks plummeting.