I addressed the spark for today's stock rally earlier today here: Why Are Stocks Rallying?
And stocks indeed rallied, with a single pause and backstep, into the close.
Non-Farm Payrolls report this Thursday, the last business day before the great 250th American Anniversary.
The Dollar fell a bit.
Bitcoin continues bouncing along the bottom of its intermediate trading range.
VIX fell. All is well.
The first chart below compares the AI stock phenomenon to prior phenomena in the markets.
The world's Banks have offered a word of caution.
"Debt-fueled spending on AI is driving up the risk of a global financial crisis, central bankers have warned. The Bank for International Settlements (BIS) said on Sunday that 'excessive' spending on new AI data centres and opaque transactions risked a financial meltdown similar to the global credit crunch nearly two decades ago.
The BIS, known as the bank for central banks, said there was growing 'peril' in financial markets from the complex web of financial ties between AI giants, shadow banks and data centre builders unraveling. 'Financial stability could be at risk in the event of an AI bust,' the BIS said. 'Should hyperscalers slow or halt the aggressive pace of capex deployment, many borrowers across the supply chain could struggle to replace lost revenue and service their debt. The opacity of AI-sector financing compounds these vulnerabilities.'”
Matthew Field, AI Boom Risks Global Financial Crash Say Central Banks, 28 June 2026
SpaceX bounced almost back to where it began its IPO journey.
There are a number of things worth watching this week.
In particular the geopolitical developments in Iran and the Ukraine.
Europe has taken up the mantle of trying to provoke Russia from a safe distance. The EU leadership is anaemic and uninspiring, at times almost craven. But they would yet be kings and queens, even of smoking ruins.
But we all have our burdens, and the US certainly has its own.
In Iran, the US government is continuing to engage in enormously expensive lengths to impose a secular Pax Zionica on the Near East, in its global and never ending quest for oil, minerals, and beachfront property development worldwide.
Have a pleasant evening.
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