This Is Why You Should Treat the Stock Rally With Skepticism

Stocks in the US seem unstoppable but investors shouldn’t be complacent because there are a number of markers suggesting the rally is more fragile than it seems.

It’s been a roller coaster year for markets. We’ve had tariff wars, actual wars, concerns about the weaponization of the dollar, an artificial-intelligence spending boom and some high-profile bankruptcies, or “cockroaches” in the memorable phraseology of JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon. Yet despite the turmoil, stocks are very near all-time highs.