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September 20, 2026

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Wall Street has spent the last year cheering a wave of upbeat earnings driven largely by the relentless march of artificial intelligence, but experts warn that this momentum may be hiding some structural weaknesses. According to Ben Snider, the chief US equity strategist at Goldman Sachs, the massive capital expenditure boom in AI has acted as a powerful engine for the S&P 500, accounting for nearly half of its earnings growth this year. However, Snider suggests that this specific tailwind is likely to fade starting next year, regardless of whether companies continue to pour money into AI infrastructure.

The concern is not necessarily that an AI bubble is about to burst in a dramatic crash, but rather that the current pace of growth is unsustainable. A significant portion of the market’s success has relied on semiconductor companies enjoying astronomical profit margins due to skyrocketing demand and limited supply. As supply chains stabilize and potential price corrections hit chips, those margins could shrink, leaving overall index earnings vulnerable. If the cost of hardware drops or investment slows slightly, the very sector that propelled the market forward could become a source of disappointment for investors.

Adding to this fragility is a less visible contributor to Big Tech’s bottom line: gains from private investments. These paper profits have padded earnings reports without generating actual cash flow, creating an illusion of strength that may vanish soon. Snider warns that removing this other income could create a substantial drag on S&P 500 earnings growth by 2027 compared to previous years. While the long term promise of AI remains intact, the immediate financial numbers suggest that the easy wins provided by initial infrastructure spending are coming to an end.

President Donald Trump has engaged in a level of stock market activity that dwarfs the collective trading of the entire United States Congress. A recent Bloomberg analysis reveals that since returning to office, the president has executed approximately 28,700 securities trades over a seventeen month period, averaging around 80 transactions every single market day. This represents a sharp departure from his first term, where his financial disclosures focused primarily on private businesses and real estate. His current portfolio includes hundreds of millions of dollars in municipal and corporate bonds, along with various bank securities and exchange traded funds.

Legal experts are sounding alarms over these findings, noting that this behavior breaks long standing presidential norms. Richard Painter, a former White House ethics lawyer and current securities law professor at the University of Minnesota, suggests this creates a massive ethical problem because presidents typically utilize blind trusts or stick to simple treasury holdings to avoid conflicts of interest. While the White House claims the assets are managed by independent third parties using computer models that replicate indexes, contradictions have emerged regarding whether the accounts are actually overseen by the president’s children.

Critics point to several highly suspicious timings within the filings that suggest potential overlaps between policy decisions and profit. For instance, records show the account purchased energy stocks shortly after tensions rose involving Iran and invested heavily in the nation’s largest egg producer during a widespread shortage before selling for a significant gain. Other trades involved hyperscaler stocks sold immediately following leaks about chip tariffs and investments in DoorDash right around a high profile delivery event at the White House.

This flurry of activity highlights a glaring gap in federal law, as most executive branch officials are barred from participating in government matters that affect their personal finances, yet the president remains exempt from those specific criminal statutes. While Trump has publicly endorsed bans on congressional stock trading to prevent corruption, he has aggressively pushed back against efforts to extend similar restrictions to himself and the vice president. To observers like Painter, the risk is systemic; if a leader profits personally from geopolitical volatility or economic shifts they help trigger, it undermines public trust in every decision made from the Oval Office.

The stock market is showing signs of renewed energy as several high profile companies approach critical buy zones, with retail trading giant Robinhood leading the charge. Shares of the platform surged recently after a series of favorable regulatory updates from both the SEC and the CFTC provided investors with much needed clarity. The rally pushed the stock above its designated buy zone on Friday, signaling potential momentum for those looking to enter positions in the digital brokerage space.

Meanwhile, eyes are turning toward SpaceX as it maintains a strong orbit around its own key pricing levels. The company received a massive boost late last week after securing a NASA contract valued at nearly one billion dollars. While the business continues to dominate headlines with its aerospace achievements, traders are closely watching as the stock tests an aggressive early entry point just above its initial IPO debut price.

Beyond these two heavy hitters, other names like ELF Beauty and Targa Resources have entered the spotlight as analysts scout for emerging trends. These movements come during a mixed period for the broader market, which has been grappling with post Federal Reserve volatility and shifting geopolitical dynamics between Washington and Beijing. Despite the noise, selective growth stocks continue to find support through strong fundamentals and strategic wins.

Investors faced a turbulent stretch last week as two distinct but powerful forces collided to shake confidence in the equity markets. The primary driver was a renewed anxiety over interest rates, with traders grappling with signals that borrowing costs may remain elevated longer than previously hoped. This shift created an immediate drag on valuations, particularly for growth stocks that are sensitive to the cost of capital, leading to widespread volatility across major indices.

Adding fuel to the fire were growing concerns regarding the long term viability and ethical guardrails of artificial intelligence. While AI has been the engine driving much of the recent bull market, new debates surrounding safety protocols and regulatory hurdles began to weigh on big tech shares. Analysts noted that while the enthusiasm for generative AI remains high, investors are starting to question whether the rapid pace of development has outstripped the industry’s ability to manage systemic risks.

The combination of macroeconomic pressure and sector specific fear turned what could have been a routine trading period into a genuine stress test for portfolios. Many market participants spent the week balancing their optimism about technological breakthroughs against the harsh reality of central bank policy. As it stands, the market appears to be searching for a new equilibrium where innovation can coexist with higher rates without triggering another significant correction.

Investors are closely watching the horizon as a promising buy signal emerges for one of 2026’s most anticipated stocks, raising questions about whether the broader market is finally ready to take flight. While optimism is building around specific high growth opportunities, the current landscape remains fragmented. Recent trading sessions have seen a tug of war between different sectors, leaving many traders wondering if we are seeing a genuine recovery or simply another period of volatile rotation.

The latest data shows a mixed bag across the major indices. While the Nasdaq has managed modest gains driven by shifts within growth stocks, other benchmarks are struggling to find their footing. Both the Dow Jones and the small cap Russell 2000 recently slid to three month lows, suggesting that while big tech might be resilient, smaller companies and traditional industrial giants are feeling more pressure from macroeconomic headwinds.

Adding to the tension is the behavior of government bonds, with the 10 year Treasury yield holding steady at five percent. This level continues to act as a gravity well for equities, forcing investors to be far more selective about where they park their capital. With eyes now turning toward upcoming diplomatic meetings and Federal Reserve policy adjustments, the market seems to be in a cautious waiting game.

Despite these hurdles, analysts suggest that certain individual breakouts could lead the way forward. For those tracking potential winners into late 2026, this new buy signal represents a possible pivot point. If this leading indicator holds true, it may provide the spark needed to lift the wider indexes out of their recent slump and ignite a fresh rally across diversified portfolios.

The Trump administration’s move to eliminate a swath of Biden-era power plant emissions standards will be a game changer for the U.S. economy, National Association of Manufacturers CEO Jay Timmons told Fox News Digital.

Timmons hailed EPA Administrator Lee Zeldin for the move announced this week but noted that even more red tape remains to be cut.

“It really sent a signal to manufacturers that the administration was listening to our concerns,” Timmons said of the cuts to power plant emissions standards.

TRUMP’S EPA CHIEF PUSHES BACK ON CLIMATE SKEPTICS BEING LABELED ‘SCIENCE DENIERS’

He said NAM and other groups had objected to former President Joe Biden’s 2024 standards “very, very clearly” at the time, saying the standards were “simply unworkable.”

“The timeline that they had proposed was just, it wasn’t feasible. Not that the aspirations for, you know, for cleaner air and a healthier environment aren’t good aspirations,” Timmons said.

“I think we all share that. I know the current EPA and Administrator Zeldin certainly share those objectives, but how you get there really matters and whether manufacturers are able to meet the challenge.

Timmons noted that the Biden administration had heard its concerns but simply disagreed.

TRUMP-APPROVED ENERGY PROJECTS AT RISK OF SUDDEN DEATH BY NEXT HOSTILE PRESIDENT

The emissions regulations cut this week were removed by executive fiat, but Timmons says more lasting change must come through Congress as manufacturers hope to avoid regulatory whiplash between administrations.

“Uncertainty is the absolute worst enemy for manufacturers because manufacturers are on a very long-term horizon when it comes to planning and strategy, product development, research development. So, when administrations change, there has often been kind of that pendulum swing,” Timmons said.

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One area he said could use further reform is permitting. NAM polling found that 80% of manufacturers say the length and complexity of the permitting process is harmful to increasing investment.

As many as 87% of manufacturers told NAM they would expand business operations, hire more workers or increase wages and benefits if the permitting process was more streamlined.

SENATE MOVES TO UNSHACKLE AMERICA’S DRIVERS FROM CALIFORNIA’S ‘CLIMATE ZEALOTS’

Timmons said it is critical for Congress to hear directly from manufacturers when drafting legislation, however.

“There needs to be more opportunities for business to be at the table. To really explain what the art of the possible is. No one is saying that we should not be working hard to achieve cleaner air, cleaner water, healthier communities. In fact, we’re saying exactly that. We should be part of the solution to make that happen,” he said.

President Donald Trump announced Saturday that he is creating an “AI Force” and plans to name an artificial intelligence czar as his administration pushes to accelerate the growth of AI in the U.S.

Trump said in a lengthy Truth Social post that his administration would resist efforts to restrict the rapidly developing technology while using the existing criminal and civil justice systems to address potential wrongdoing.

“We will not in any way hinder or stifle the Growth of this incredible Industry,” the post read. “Rather, we will cherish it, help it, and watch over it, as it grows!”

GOP LAWMAKERS SMELL SOMETHING ELSE BEHIND BIG TECH’S AI DOOMSDAY WARNINGS: ‘SOMETHING ELSE GOING ON’

Trump added that the government would also be “looking for BAD” and said existing criminal and civil laws could be used to address problems involving the technology.

“For this purpose, I am forming the AI Force, much like I did Space Force, which has been a tremendous SUCCESS, in my First Term,” the president’s post continued. “To that end, I will be announcing, in the near future, the AI ‘Czar’ — Only High I.Q. individuals need apply!”

Trump did not provide details about the structure, authority or membership of the proposed AI Force, or identify potential candidates to serve as its czar.

POWERFUL COLD WAR-ERA TOOL TRUMP COULD USE IN AN AI EMERGENCY IS SET TO EXPIRE IN DECEMBER

Trump’s announcement comes as lawmakers grapple with whether and how to regulate the rapidly developing technology.

Some Republicans have questioned calls for additional government oversight, while others have pushed for safeguards after AI industry leaders raised concerns about increasingly capable models.

Earlier this week, Trump joined the debate by rejecting calls for additional government regulation of the industry, arguing that restrictions could hinder the U.S. in its competition with China.

In Saturday’s post, Trump compared criticism of AI and data centers to several other political controversies and argued that opposition to data-center construction had largely failed.

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Trump also predicted that AI could eventually account for as much as 25% of U.S. gross domestic product, though he did not cite a source for the estimate.

“AI is the next Industrial Revolution, or Internet, but will be even larger and more impactful, possibly as much as 25% of our Country’s GDP,” he wrote. “We are leading China, and the rest of the World, and I intend to keep it that way!”

In a separate Truth Social post, Trump asked people to choose within the post on what to call AI.

“Many people think that the words “Artificial Intelligence” are inaccurate, and very ineloquent, relative to AI, or Artificial Intelligence. A far more elegant and accurate description of this new phenomena would be Superior Intelligence (SI) or, Extreme Intelligence (EI) or, Supreme Intelligence (SI),” he wrote. “This is a Poll, and I would appreciate everybody voting! Which is the best name for this ever growing “Revolution?” President DONALD J. TRUMP”

Federal charges alleging that millions of dollars were siphoned from Los Angeles homelessness programs are exposing what one lawmaker told Fox News Digital is a deeper failure in the way Washington funds and measures such programs.

The latest cases out of Los Angeles fuel the concern of Rep. Michael Cloud, R-Texas that only are corrupt providers stealing taxpayer money, but that the programs aren’t meeting their goal of getting people off the streets.

“The only people really getting upward mobility in these programs, it would seem, is the people running the programs,” Cloud told Fox News Digital after a House Oversight hearing examining federally funded homelessness programs in Los Angeles, Seattle and elsewhere. “And that’s not really what the program’s supposed to be about.”

LA REAL ESTATE VET COMES AT MAYOR BASS WITH RECEIPTS OVER DAMNING HOMELESSNESS REPORT: ‘SHE DOESN’T GET IT’

Federal prosecutors charged three defendants Wednesday in separate homelessness-fraud cases involving alleged misuse of taxpayer funds, including money allegedly spent on a nightclub and adjacent bingo hall and bribes allegedly tied to fake housing referrals.

Los Angeles’ homelessness agency paid one of the suspect nonprofits more than $75 million, according to federal prosecutors, leading Cloud to seek out the real culprits blazing the money trail.

WHITE HOUSE PUSHES ‘WATERSHED’ FRAUD-FIGHTING REFORM IN CONGRESS AS VANCE CONVENES TASK FORCE

Cloud said the fraud itself is only one piece of a broader problem, and that the system appears to reward spending and program activity without adequately measuring lasting outcomes.

Government too often judges success by “how much money we send out the door” instead of whether the spending is “actually helping people” or whether safeguards are in place to ensure taxpayer dollars are being used properly, Cloud said – describing the system as having been “incentivized for fraud.”

“We’ve got to take those incentives out and get back to making sure that all these programs have incentives for oversight and that the dollars are managed well,” Cloud said.

LETITIA JAMES FACES SCRUTINY AFTER NEW YORK CITY SPENDS $81,700 PER HOMELESS PERSON AMID SHELTER SCANDALS

Some programs can keep a person “kind of in a cycle of dependency so that the program manager has job security, in a sense, and gets to live off the government dime,” Cloud said

“You [are seeing] as we begin to look into waste, fraud and abuse, why is it that these Democrat-led states are saying, no, we don’t want the controls in place,” he said, pointing to Los Angeles Mayor Karen Bass’ decision to step down from the LAHSA commission.

Los Angeles is not alone, he said, citing what has been called the feds’ “Housing First” philosophy – generally prioritizing placing homeless in housing with less immediate regard for sobriety, mental-health treatment or overall stabilizing services.

WATCH: DR. OZ SAYS NEWSOM, OTHER BLUE STATES HAVE TURNED MEDICAID FRAUD INTO A ‘FEATURE’

Cloud did not use the term “Housing First” during the interview, but he described the concern behind that critique, arguing that some homelessness programs define success in ways that leave people dependent on government rather than moving toward independence.

Housing First is distinct from HUD’s “Continuum of Care” framework, which is the local funding and coordination structure through which nonprofit providers, state and local governments and other organizations receive federal homelessness money.

WALZ ADMINISTRATION IGNORED FRAUD WARNINGS AS BILLIONS VANISHED, HOUSE OVERSIGHT REPORT ALLEGES

In Los Angeles, LAHSA leads the local Continuum of Care, which HUD says received nearly $1 billion in taxpayer dollars over the previous five years.

Under Secretary Scott Turner, HUD moved to suspend LAHSA this year, citing alleged failures involving financial management, internal controls and safeguards against conflicts of interest. LAHSA has challenged the federal action in court.

“The ‘housing first’ experiment failed Americans by warehousing the vulnerable without results,” Turner said in June when HUD announced a $4.04 billion Continuum of Care funding opportunity.

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“This ideology promised to end homelessness. Instead, billions of taxpayer dollars were spent while homelessness increased to record levels.”

That funding will focus on organizations aiding treatment and recovery, while setting aside $1.3 billion for new projects prioritizing transitional housing and supportive services and adding measures intended to prevent fraud, waste and abuse.

President Donald Trump’s proposed 250-foot arch at Memorial Circle in Washington, D.C.—which he said would be the largest in the world—is being opposed by three Vietnam veterans who say the project would block views between the Lincoln Memorial, Arlington National Cemetery, and Arlington House, some of the most well-known views in and around the city.

Veterans Michael Lemmon, Shaun Byrnes, and Jon Gundersen—along with architectural historian Calder Loth—have been engaged in a months-long legal battle with the Trump administration over the “Great Triumphal Arch”.

“Our plaintiffs are three Vietnam veterans and an architectural historian. All of them have a deep personal relationship with Arlington National Cemetery,” Nicolas Sansone, an attorney with the Public Citizen Litigation Group representing the plaintiffs, told Fox News Digital. “Two of our veteran plaintiffs hope to be buried there.”

DEMS UNLOAD ON TRUMP’S LATEST DC UPDATE WITH ‘CHRISTIAN NATIONALIST’ BROADSIDE, LEGAL PUSH

Trump has said the arch should be built near Arlington National Cemetery, which serves as the final resting place for more than 400,000 military service members.

Critics of the project contend that the planned structure is disrespectful to the solemn character of the cemetery. In addition, the Trump administration acknowledged in a planning document that the project will have “adverse effects on historic properties”.

“Such adverse effects cannot be fully avoided while retaining the location-dependent purpose of the undertaking,” the National Park Service wrote in the document.

The nation’s capital was designed to keep historic landmarks from being obscured by other structures, Sansone said.

LINCOLN MEMORIAL’S HIDDEN 15,000-SQUARE-FOOT UNDERCROFT OPENS TO THE PUBLIC AFTER A CENTURY UNDERGROUND

“One of the sort of central design features is that the capital has been laid out in a very deliberate way to create this uninterrupted view between the Lincoln Memorial on the east side of the Potomac River and Arlington House, the Robert E. Lee Memorial, on the west side in Arlington National Cemetery,” he said.

“So our plaintiffs… are really sort of concerned about the impact that this sort of enormous structure is going to have on that sort of historic symbolic view that each of them finds really meaningful,” he added.

GOLDEN EAGLES, LIONS AND A WINGED LADY LIBERTY TOP TRUMP’S PROPOSED 250-FOOT DC TRIUMPHAL ARCH DESIGNS

Earlier this month, the administration announced that excavation work for the project would begin within the next two weeks.

The plaintiffs have asked a federal judge to issue a temporary restraining order to keep the project from moving forward, saying it can’t be built without authorization from Congress.

TRUMP SIGNS ACT CLEARING THE WAY FOR MEDAL OF HONOR MONUMENT ON NATIONAL MALL

The Trump administration has cited a 1925 law that originally authorized a pair of 166-foot columns in Washington, D.C., that were never built.

Administration officials argue that past congressional approval grandfathers the triumphal arch project and allows them to avoid authorization from Congress.

“The idea is that really it’s just an institutional question of who gets to decide: Is it one person, the person sitting in the White House, or should it be a sort of democratic deliberative process to sort of figure out what these monuments should look like, where they should be situated, what they should commemorate, and the like,” Sansone said.

“Congress’s authorization to have a particular project built at a particular time subject to a specific price cap by a now-disbanded commission can’t reasonably be relied on to authorize a totally different independent project that’s going to cost way more money centuries into the future,” he added.

A NORAD F-16 fighter jet intercepted an aircraft that violated restricted airspace over the area of Camp David Saturday morning while President Donald Trump is spending the weekend there, according to officials.

There is a permanent no-fly zone over Camp David in Maryland, with additional restrictions when the president is there.

NORAD dispensed flares during the intercept to get the pilot’s attention, and were able to safely escort them out of the area, the Defense Visual Information Distribution Service (DVIDS) said in a release.

NORAD F-16S INTERCEPT MULTIPLE AIRCRAFT VIOLATING TEMPORARY FLIGHT RESTRICTIONS OVER NEW JERSEY

“Should NORAD aircraft intercept a general aviation aircraft, the pilot should immediately come up on frequency 121.5 or 243.0 and turn around to reverse course until receiving additional instructions on one of those frequencies,” the release said.

NORAD F-16S INTERCEPT MULTIPLE AIRCRAFT VIOLATING FLIGHT RESTRICTIONS OVER NEW JERSEY

Turmp left for Camp David on Friday evening.

“Pilots! @NORADCommand fighter aircraft intercepted an aircraft violating restricted airspace over Thurmont, MD, resulting in flares being deployed,” the First Air Force, part of NORAD, wrote on X on Saturday. “Make sure to check NOTAMs before takeoff to ensure you have current information about TFRs in your area. Stay Safe, Fly Informed!”

A plane was last intercepted over Camp David in June when Trump was staying there. That pilot was also safely escorted away.