Under normal circumstances, a pair of dissents in favor of a rate cut would be taken as a sign the Fed is taking a dovish turn, Tom Essaye, editor of Sevens Report Research, wrote in a Tuesday note. It would be signal that policymakers are moving in favor of easing, making a reduction at the next meeting a more likely event.

But one stock-market indicator suggests the indices could be in store for another substantial decline in price in the not-too-distant future. It just reached a level seen only once before in history, and it has a flawless track record of predicting significant downside in stock prices.

Trump’s tariffs and trade deals continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

For stock-market investors over the last three months, even bad news was considered good news. Take falling corporate profits, which would normally be bearish. But not in the second quarter of this year, during which the S&P 500’s SPX estimated calendar 2025 earnings per share fell nearly 10%. In response, the overall stock market rose 11%.

The Rise of Speculative Tech The past five years have been a rollercoaster ride. It has gone from boom to bust and then on to new all-time highs again. The S&P 500 has closed at a new peak for six consecutive days.

With the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average staging one of their strongest intra-year reversals in history, stock valuations have moved to nosebleed territory. The previous two instances where the S&P 500's Shiller price-to-earnings (P/E) Ratio hit 39 didn't end well for investors.

This article will be updated throughout the day, so check back often for more daily updates. The Vanguard S&P 500 ETF (NYSEMKT: VOO) just missed rising last night, while the index the ETF attempts (mostly successfully) to track ended with only the tiniest of gains.

PG fell 0.3%, though it was hardly the worst-performing Dow Jones stock today. That honor went to UnitedHealth Group ( UNH ). The blue chip stock sank 7.4% after the country's largest health insurer gave disappointing full-year guidance due in part to rising medical costs.

SoFi stock rockets 6.6% on earnings beat as fintech giant raises guidance and membership soars to 11.7 million.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Leuthold Group’s Doug Ramsey pointed out that cyclical stocks are trading at a record premium versus defensives, suggesting heightened bullish sentiment. It means investors have a strong appetite for risk (cyclical stocks) and low demand for the safety of defensive names.