(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator. See today's video update from Mike above.) A new month brings fresh challenges to a few of the prevailing, bullish stock-market beliefs. The latest leg of the market's near-five-month surge has been based in large part on expectations for "good news" Fed rate cuts into a steady economy moving beyond the initial tariff shock, keeping a lid on bond yields and fostering a reacceleration in consumer activity alongside a durable AI -investment boom. None of this has been disproved, of course. But levitating Treasury yields after a court ruled many of the administration's tariffs were imposed illegally has stoked some questioning of the benign equilibrium among policy, the economy and markets, promp

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