Markets cheered Google's courtroom reprieve, but investors should not mistake a temporary surge in Alphabet's stock for a settled antitrust landscape. The real test for Wall Street lies not in legal skirmishes but in the coming labor data, which will determine whether Jerome Powell leans dovish or hawkish at the Fed's September meeting. With bond yields climbing on both sides of the Atlantic and September's reputation as stocks' cruelest month looming, the mood is less triumph than wary vigilance.
