As the U.S. stock market remains extremely expensive and concentrated, the nomination of Kevin Warsh as the next Federal Reserve Chair has triggered a massive rotation, strengthening the dollar while sending gold and silver into their steepest declines in decades. Meanwhile, Big Tech earnings season has been underway, with Magnificent Seven stocks like Amazon and Alphabet reporting. U.S. stocks have reached historically expensive levels, heavily dominated by a few mega-cap names, creating significant vulnerabilities if P/E multiples contract. The market has definitively shifted from the “every tech stock is a winner” mindset to an unforgiving phase where investors demand tangible proof of AI-driven productivity. There’s more to unpack from this week’s market activity. You can find the expanded analysis in the full recap. |
