This is The Takeaway from today’s Morning Brief, which you can sign up to receive in your inbox every morning along with:

The Chart of the Day

What we’re watching

What we’re reading

Economic data releases and earnings

Wall Street’s busiest week of the summer is turning out to be an inflection point.

The US trade deal with Europe was the latest negotiation to crystallize into another catalyst, diminishing some of the market uncertainty that has hung over investors and inviting the potential for other deals to come through.

Sign up for the Yahoo Finance Morning Brief Subscribe By subscribing, you are agreeing to Yahoo’s Terms and Privacy Policy

The trade negotiation deadline still lingers, and other tariff conflicts are outstanding. It also seems premature to declare victory on remaking global trade. But the risks tied to enacting a high-tariff regime are more manageable in the wake of recent agreements, and the administration appears to have made enough progress for markets to move on. (The benchmark index recorded a new closing high every trading day last week.)

If uncertainty was Wall Street’s primary obstacle, we’re seeing what happens when a sufficient amount of it has been resolved.

Even as an array of economic readings and Big Tech earnings can tweak the story, it’s becoming increasingly clear that a turning point has arrived. The president confirmed on Monday that around 15% represents the new standard for tariff negotiations. And while the full impact of that figure has yet to reach businesses and consumers, that the number is now known has given the market relief. Earnings have come in better than expected. And companies are proving to be more resilient, further lifting sentiment.

“The EU trade deal only fuels this bull market as a major uncertainty has now been removed for investors,” said Rick Gardner, chief investment officer at RGA Investments, in a note on Monday.

As my colleague Josh Schafer reports, more Wall Street strategists have reverted to their initial year-end forecasts after previously slashing their targets. The most bullish of calls, penned by Oppenheimer chief market strategist John Stoltzfus, now has the S&P reaching 7,100 by year’s end. That would amount to an 11% increase from Monday’s trading. “We believe that enough ‘tariff hurdles’ have been overcome for now to reinstate our original price target,” Stoltzfus wrote.

“Enough” is the key word there. Even as other countries face new double-digit tariffs, the amounts may be small enough to overcome but large enough to satisfy the administration’s objectives.

After the April sell-off, the market is more than stomaching the latest batch of figures; it’s welcoming them.