Up and Down Wall Street

The private-markets firm, after a stunning rise, has seen its stock tumble this year on concerns over private credit. Goldman and others now call it undervalued.

New technology is hardly the only driver of economic growth. Just ask the banks, which reported impressive quarterly earnings.

Stocks and gold are flying high, and concerns have surfaced over credit. But there are still significant differences between previous bubbles and our current markets.

Artificial intelligence has gone from a cool toy to a prime mover of both the economy and the stock market. Here are four ways the rally could end.

Nor does the prospect of massive layoffs of federal employees during the shutdown upset the bulls. That would just mean more Fed rate cuts.

Lower rates have spurred the sales of corporate bonds. But bankruptcies are a sign that not all is well in the more shadowy private credit world of bank loans and closed-end funds.

Companies fall into one of several categories: mental-health-care services, which run clinics or treatment centers; companies that offer digital or virtual care; and pharmaceutical companies.

Morgan Stanley notes that the dollar’s drop this year is the biggest decline since 1973 and says the greenback “could lose another 10% by the end of 2026.”

After a quarter-point reduction, policymakers see two more cuts by year end. But views vary widely after that, and the White House will be free to reshape the central bank.

Government debt has burgeoned since the 2008-09 financial crisis, while corporate debt has been stable and even declined in recent years.

Domestic political risks, international tensions, richly priced bonds, exalted equity valuations, and signs of speculative fervor in the IPO market: None of it seems to matter.

The Federal Reserve is almost certain to lower interest rates in the coming week, kicking off an easing cycle. The main beneficiary: Uncle Sam.

Klarna, which replaced Affirm as Walmart’s exclusive buy-now, pay-later partner, looks to raise up to $1.27 billion at a $14 billion valuation in its upcoming IPO.

The stock market may no longer follow an old pattern of “reverting to the mean.” Blame it on index funds.

After Jackson Hole, the Fed looks increasingly likely to cut rates next month. And, yet, there’s little to suggest the need for easier money.

The weighting for tech in the S&P 500 continues to grow, even as tech capital spending for AI explodes. Energy and healthcare have been beaten down, but it looks as if their time is coming.

A higher-than-expected inflation report could spark a selloff in Treasuries. Yet equity investors seem oblivious to the possibility of bad news.

Questions about the veracity of government data have been on the rise. Older methods of the calculation of the consumer price index may present a truer picture of price growth.

L.L. Bean’s powerhouse product is its influencer-touted Boat and Tote canvas bag. The company made 720,000 of them last year alone.

The week ahead will bring a new GDP estimate, an FOMC meeting, the tariff deadline, and the July jobs report. The updates won’t make the Federal Reserve’s job easier.

Speculation is in, conservatism is out as retail investors bid up questionable assets and imaginative financing exploits the public mood. Buyers, beware.

Tech’s strength has people talking about bubbles once again—and not without evidence. Consider: The top 10 companies in the S&P 500 today are more overvalued than they were during the dot-com era.

The former GEs should get no small amount of credit for the industrial strength of the industrial sector.

The consumer price index, slated for release on Tuesday, is expected by economists to show a 0.3% increase for last month.

The president’s attacks on the independence of the Federal Reserve could further harm the dollar’s status as the preeminent international reserve currency, making credit dearer rather than cheaper.