The exchanges don't seem to be tied to anything rational these days.

I'm waiting for the sell-off of US Treasuries. That's where this is going fast

But impact on NASDAQ and S&P relatively minor.

Last edited Sun Mar 1, 2026, 04:09 PM - Edit history (1)

Artificially propped up by the Magnificent 10 (Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, Tesla, Broadcom, Palantir, AMD) and growing number of circular, incestuous deals -- and a massive influx of our tax dollars from the felon's regime.

No Mercy, No Malice
How Does the End Begin
October 17, 2025

https://www.profgalloway.com/how-does-the-end-begin/

The top 10 stocks in the S&P 500 account for 40% of the index’s market cap. Since ChatGPT launched in November 2022, AI-related stocks have registered 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth. Meanwhile, AI investments accounted for nearly 92% of the U.S. GDP growth this year. Without those AI investments, Harvard economist Jason Furman noted, growth would be flat. As Ruchir Sharma concluded in the Financial Times, “America is now one big bet on AI,” adding, “AI better deliver for the U.S., or its economy and markets will lose the one leg they are now standing on.” This concentration creates fragility, and how the end begins becomes more visible.
....

The AI infrastructure build-out has accelerated recently with an estimated $1 trillion in new commitments. Some firms are making deals with money and assets that don’t yet exist. See: OpenAI promising Oracle $300 billion — money it doesn’t have — for infrastructure Oracle hasn’t built. In other cases, revenue comes from “circular financing,” where dollars rotate between firms, obscuring true market demand. See: Nvidia’s $100 billion investment in OpenAI, which OpenAI will use to buy … Nvidia chips. Circular financing deals were common toward the end of the dot-com bubble, when similar deals contributed to a crash that destroyed 77% of Nasdaq market value. If we are on the precipice of a bubble popping, Nvidia and OpenAI will likely be ground zero. But the fallout would be widespread, as an ecosystem that resembles an ouroboros lives and dies by a shared narrative.


....

resembles the Housing Bubble.

But sometimes reality smacks them in the face. Disruption in oil and trade might wake them up. Only so much growth you can count on from AI.

They don't tell the TRUTH about anything.

The whole damn SOTU was about the fact that prices are lower. I don't know about you, but I haven't paid less for anything of late. Everything that my family buys has increased in price.

So, they will just spin it as a "win" and keep talking and the MAGA dumbasses will continue to fall for it.

He's made 180 degree turns before because of the stock market.

No one knows for sure. I certainly hope the market at least stays stable, as I know that people's retirement income (and, indirectly, pensions) depend on it. I don't want the economy to go down for any reason.

When Trump said Iran had a couple of weeks, I think the smart money assumed bombings would commence in a couple of days. The huge buildup was obvious and very much on the minds of investors.

So, the early data leans toward your prediction being solid.
We shall see.

The Dow doesn’t respond in ways that make sense much anymore. War is good for the economy though, so sadly, I expect it to surge.

Futures down 500

a pretty normal day in the markets so far.

they have been ignoring everything for a year, why not this?

early in the trading session too.

I have watched for a year as the geniuses on Wall Street have ignored every bit of economic data except spending on AI.
They will see it come crashing down sooner or later.

and that was such an obvious bubble. They never learn.