What’s fueling Wall Street’s optimism? While geopolitical tensions between the US and Iran are dominating headlines, US stocks recently hit an all-time high. The global oil shock is just one major disruption to rattle investors before receding this year. The enthusiasm for the artificial intelligence boom also waned in early 2026. So, what should investors make of the market’s fluctuating mood? Tom Lauricella is the global markets editor for Morningstar Inc. and the editor of Smart Investor newsletter.

On this episode:

00:00:00 Welcome

00:01:20 Markets’ Response to the Iran War

00:02:40 Why Stocks Hit Record Highs Despite the Oil Shock

00:04:50 Earnings Season and Investor Sentiment

00:05:49 Big Tech Crosswinds and the Bond Market

00:09:04 Concerns About Private Credit Markets

00:11:07 Inflation, the Fed, and Leadership Transition

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