US markets are sending mixed signals. The Dow briefly crossed 50,000 but hasn’t held it, while major indexes have mostly been “treading water” even as individual stocks swing sharply. One sign of nerves. The Vix volatility index has risen this year, alongside higher oil prices tied to escalating Iran strike fears.
At the same time, the run-up in valuations is getting more scrutiny. A Nasdaq.com piece notes the Shiller CAPE (cyclically adjusted price-to-earnings, an inflation-adjusted valuation gauge) declined for the first time in almost a year after moving above 40 earlier in 2026. The article argues that, historically, valuation declines have often coincided with market pullbacks, though it also says these periods haven’t always been deep or long-lasting.
- Prediction markets are facing a growing regulatory fight. Nevada’s effort to block Kalshi advanced after a court denial and the case moved to federal court, sharpening the debate over whether platforms are federally regulated exchanges or illegal sportsbooks under state law.
- Big banks are still experimenting with tokenised funds. BNP Paribas Asset Management said it issued a tokenised share class of a money market fund via permissioned access on Ethereum, framing it as a limited, intra-group test of issuance and transfer processes on public blockchain rails.
- Corporate cash remains concentrated at the top. Berkshire Hathaway leads a ranking of global “cash and short-term investments” with about $382 billion, with Alphabet and Amazon also above $120 billion, based on TradingView data cited by Visual Capitalist.
