EDITOR'S NOTE

Stocks have staged a remarkable recovery, but the coronavirus pandemic isn't over, the success of reopenings has yet to be gauged, and tensions with China are rising.

Wall Street is nearing what  CNBC's senior markets commentator Michael Santoli calls a "high-stakes summer." In this edition of Weekend Brief, Santoli says the strength of this market raises more questions than answers. He also says a key milestone reached last week - the S&P 500 hitting its 200-day moving average -  has been a period where past rallies have paused.

"The 200-day average has acted as a bit of a stall-out area after previous important market bottoms," he writes. "Even in the pronounced V-shaped recovery from late-2018 saw a quick slippage back to this level for a second touch before carrying higher."

CNBC's Patti Domm writes that the market may become caught in a tug of war between growth stocks that benefited from the stay-at-home trade and the beaten-down value stocks that have more recently begun to move higher.

"The big rotation into unloved stocks, like banks, small caps and airlines, took a break Friday, but it could be a theme that dominates trading again in the week ahead," Domm writes.

The market shrugged off actions President Donald Trump's took against China on Friday. Investors also largely ignored Trump's actions to possibly regulate social media giants, such as Twitter and Facebook. But these moves may ultimately pressure some of the technology names that have soared during the coronavirus pandemic.

Wherever the market heads this "high-stakes summer," Wall Street analysts are always identifying stocks that will thrive. CNBC's Michael Bloom offers a list of "best-in-class" stock plays as the economy recovers from the coronavirus pandemic.

Thanks for reading Weekend Brief.  Email your thoughts to EveningBrief@nbcuni.com or follow me on Twitter @tellittoal.

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MICHAEL SANTOLI'S MARKET COLUMN

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YOUR WEEKEND BRIEFING