Wall Street’s latest rally is being powered by another AI mega-deal, OpenAI’s US $38 billion partnership with Amazon Web Services. That’s pushing the Nasdaq higher even as most sectors finished lower. But beneath the AI excitement, U.S. manufacturing remains in contraction, Treasury yields are pushing past 4 percent, and the dollar’s firming again.

Dan Koh speaks with José Torres, Senior Economist at Interactive Brokers, about what this split in the market says about the economy’s true health, the signals from corporate earnings, and whether rising yields and a stronger greenback could test investors’ optimism.