Even by the standards of August, the S&P 500 has been remarkably tranquil, moving by less than in any other 30-day period in more than two decades, he says.
This lull in activity looks to many like yet another symptom of central banks pouring money on troubled markets. Why worry when you can sit back, collect the dividend and be sure the policy makers have your back? Yet a lack of worry itself is often a reason for concern, Mr. Mackintosh writes.
Below, some of the best analysis and insight from WSJ writers and columnists, and beyond, on investing, the wealth-management business and more.
TALKING POINTS
Political risks loom large in Europe. Stocks in Europe are looking pretty cheap—but this time, investors aren't rushing in, WSJ reports. With lackluster corporate profits, tepid economic growth and a fragile banking system, the market is vulnerable to a range of political risks in the coming months that could derail the region's feeble recovery, investors say.
Negotiations between the U.K. and the European Union over the future of their relationship are likely to hang over markets for some time, while Italy holds a constitutional referendum this fall as it struggles to clean up its highly indebted banks. Meanwhile, Germany and France each hold elections in 2017, with the potential to shake up the leadership of the bloc's two biggest powerhouses.
Monday's markets. U.S. stocks slipped in quiet trading Monday, led by declines in energy shares, according to WSJ. The Dow Jones Industrial Average fell 23.15 points, or 0.1%, to 18529.42. The S&P 500 declined 1.23 points, or less than 0.1%, to 2182.64. The Nasdaq Composite edged up 6.22, or 0.1%, to 5244.60. Energy shares' moves have been more pronounced, tracking recent swings in oil prices.
PLANNING AND INVESTING
Hunt for yield is pumping these stocks. With bond yields around the world plunging to fresh lows this year, investors have been seeking out alternatives. That's made bond proxies, or bond-like-stocks, a hot commodity, reports WSJ's MoneyBeat.
Companies in sectors that usually provide reliable, and even rising dividends have seen their share prices driven upwards, even without a consummate improvement in profitability. That's pushed price to earnings ratios to their highest levels in years in parts of the market. In the case of a company like Facebook, which has a P/E ratio of 59.9, the ratio means that investors expect much higher earnings in the future. The same is true of Chinese stocks.
THE BUSINESS
Edward Jones latest party in a 401(k) suit. Brokerage firm Edward Jones is being sued by a participant in its 401(k) retirement plan, alleging that fees have been too high for record-keeping and investment-management services, reports InvestmentNews.
The suit is the latest in a string of 401(k) cases to allege that plan participants have lost an excess amount of retirement savings to high fees. An Edward Jones spokesman said allegations the firm violated its fiduciary duty "are not true."
JUST BECAUSE
Kobe Bryant launches a fund. Retired NBA star Kobe Bryant unveiled his venture-capital fund, a $100 million vehicle for investing in technology, media and data companies, according to WSJ's MoneyBeat. Mr. Bryant, who turns 38 Tuesday, isn't going it alone: He is partnering with 43-year-old Jeff Stibel, a longtime entrepreneur and investor who was introduced to Mr. Bryant by a mutual friend. They have named their firm Bryant Stibel and will be based in the Los Angeles area.
The two men are contributing the $100 million—which they expect to invest over the next few years—and aren't seeking outside investors yet.
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