The Weekly Edge

New York City’s Mayor-elect, Zohran Mamdani, has generated lively debate among investors regarding their municipal bond holdings and the financial future of New York City.

As we enter the final few weeks of 2025, investors have ridden a wave of optimism propelled by economic resilience and rising corporate profits. As we wrote last week, however, this bull market is beginning to look brittle. Assets tied to unprofitable entities, many of which have rallied powerfully in recent months, are off their highs and overall market volatility is up.

Speculative, revenue-less stocks are surging in 2025. Learn about the “chicken fried” rally that shows why quality matters.

This week we are revisiting the small and mid-cap U.S. equity segment, dissecting recent performance trends and analyzing what are, once again, lofty expectations for profit growth in the coming calendar year.

Another week, and another new all-time high. No, not for the S&P 500 (this time), but for gold.

High valuations have been a source of persistent consternation to investors looking at S&P 500 price levels.

The Fed’s “journey vs. destination” debate is reshaping markets. Discover what investors should watch in the this week’s Weekly Edge.

The question as we move into autumn is whether enough mud has been cleared away to provide clarity on the way forward for corporate earnings and economic growth and, ultimately, more good returns for investors.

Earnings are driving markets higher. With S&P 500 estimates at record levels, can growth hold as jobs slow and margins face pressure?

From just after the global financial crisis through the high inflation of the early 2020s, the U.S. labor market has been on a generally positive trajectory.