Stocks have struck record highs this week while borrowing spreads for US companies have shrunk to their tightest this century, as investors warn markets are “priced for perfection” despite mounting risks.
US equities have rebounded from their bruising trade war sell-off earlier this year in a run that has propelled tech giants Nvidia and Alphabet to multi trillion-dollar valuations, but is now sweeping up stocks of all shapes and sizes.
The blue-chip S&P 500 and tech-heavy Nasdaq Composite — up 13 per cent and 17 per cent respectively this year — have set records. They were joined by the small-cap Russell 2000 which topped its November 2024 peak after the Federal Reserve cut interest rates on Wednesday.
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