On Stock Market Churn, Corporate Debt & AI Agents

The S&P 500 Equal Weight index is up less ytd than the S&P 500, so the average company’s stock isn’t faring as well as the overall index’s performance would suggest. That’s a reversal from mid-August, Joe points out. Today, Jackie looks under the S&P 500’s hood, identifying industries that have toppled the most from their summer peaks. … Also: Corporate bonds have had a tough year, with rising Treasury yields and lots of new supply. But their declines don’t reflect credit-quality concerns. … And: The AI agents Big Tech has been launching are likely to squeeze entrepreneurs’ niche offerings out of the market.