S&P 500 Flirts With Record as ‘FOMO’ Sweeps Market

Good morning. Stock bulls ignore risks and drive the S&P 500 to the brink of a record. A top Tesla executive (and Elon Musk confidant) exits. And Iran’s Supreme Leader says US intervention in the war achieved nothing. Listen to the day’s top stories.

Risk is back in vogue on Wall Street. The S&P 500 briefly topped its all-time high as investors cast aside geopolitical fears. Investors are ignoring dangers—from tariff-talk roadblocks to downbeat US data—and piling into speculative edges of the market. The bullish momentum signal a period of FOMO—the fear of missing out—that one strategist says happens in the “late stages of every structural bull market.”