Anthony Matesic works on the floor at the New York Stock Exchange in New York on Nov. 11, 2025. Photo by AP Photo/Seth Wenig

Stocks in the U.S. 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 Jamie Dimon. Yet despite the turmoil, stocks are very near all-time highs.

Not only that, from a longer-term perspective, the rise in stocks is becoming parabolic. To any investor seasoned in markets before cry

See Full Page