Wall Street Seems Calm. A Closer Look Shows Something Else.
The S&P 500 has climbed sharply this year, with few big swings. Below the surface, though, there’s a great deal of turmoil
By Joe Rennison
I write about different financial markets, from U.S. government bonds to global stocks, currencies and debt. I am interested in conveying what financial markets can tell us about the world, breaking through the jargon and making them more intelligible to our readers.
I have been a financial journalist for more than a decade. I began my career at a magazine called Risk, digging into the details of legislation introduced after the 2008 financial crisis, from rules around how much capital banks should hold to changes in the market for derivatives that had helped inflate the credit bubble that led to the Great Recession. I moved to The Financial Times in 2015 to cover the more complex corners of markets, such as sliced and diced structured bonds, before branching out to write about interest rates, debt and the stock market. I left the FT as the paper’s deputy U.S. markets editor and joined The Times in 2022.
I graduated in 2010 with a degree in philosophy, logic and scientific method from the London School of Economics and Political Science. A native Brit, I moved to the U.S. at the end of 2012 and now live in Brooklyn with my wife and our two cats.
The Times instills very high ethical standards that I adhere to with an abundance of caution. I do not actively trade any securities. My retirement account and personal savings are in broad-based indexes that are unlikely to be swayed by my reporting. I don’t directly own individual stocks or even narrow-sector indexes. I do not accept gifts from sources (I even choose to pay for my own coffee at meetings). I do not publicly engage with political discourse and refrain from political donations (including charitable donations that may be perceived as political), as per The Times’s guidelines.
Please get in touch if you have thoughts on how to improve my coverage of financial markets, a story you think I should dig into, or even just to say hello.
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The S&P 500 has climbed sharply this year, with few big swings. Below the surface, though, there’s a great deal of turmoil
By Joe Rennison
The chip maker’s stock price has jumped over the last year thanks to its stranglehold on the market for the chips needed to build A.I. systems.
By Tripp Mickle and Joe Rennison
Stocks have recently set records as investors bet that the Federal Reserve might opt to cut interest rates sooner than previously expected.
By Joe Rennison
The distress in commercial real estate is growing as some office buildings sell for much lower prices than just a few years ago.
By Joe Rennison and Julie Creswell
The Texas Stock Exchange, based in Dallas, has the backing of BlackRock and Citadel Securities. But challengers to the dominant New York markets have gained little traction.
By Joe Rennison
Investors seized on the latest inflation report as another sign that interest rates could be cut this year, helping push the S&P 500 past its March record.
By Joe Rennison
Prices rose 3.4 percent in April from a year earlier, a slight easing from the previous month and a positive sign for the Federal Reserve.
By Ben Casselman
A cooler-than-expected jobs report for April shifted the tone on Wall Street, rekindling investors’ expectations that the Federal Reserve may cut rates soon.
By J. Edward Moreno and Joe Rennison
This was featured in live coverage.
By Joe Rennison and Karl Russell
This was featured in live coverage.
By Joe Rennison
Two-thirds of the roughly 150 currencies have weakened against the dollar, whose strength stems from high interest rates because of stubborn inflation.
By Joe Rennison and Karl Russell
The former president is in line for a windfall after the stock price of Trump Media hit performance targets in its first few weeks of trading, raising the value of his already sizable stake.
By Jason Karaian and Joe Rennison
A rally at the start of the year has given way to worries on Wall Street about economics and geopolitics.
By Joe Rennison
The Fed chair, along with the central bank’s No. 2 policymaker, stressed uncertainties over job growth and the persistence of elevated inflation.
By Ben Casselman and Jim Tankersley
Funds that bet on a fall were set to profit as the parent of Truth Social came under renewed pressure after it registered new shares for a potential sale.
By Matthew Goldstein and Joe Rennison
Investors had been put on edge by a stronger-than-expected inflation report earlier in the week. Rising tension in the Middle East heading into the weekend gave them another reason to retreat.
By Joe Rennison
Stocks fell and bond yields jumped as investors reassessed when the Federal Reserve may begin cutting interest rates.
By Joe Rennison
The move has puzzled Wall Street, as it comes as the outlook for the economy has improved and inflation has generally cooled.
By Joe Rennison
The parent company of Truth Social is a popular target for short-sellers, even after they lost $100 million last month betting on a decline in the stock that didn’t come.
By Joe Rennison
A rapid fall in price erased billions of dollars in the market value of the parent company of Truth Social, eating into some of the gains made in the volatile stock’s public debut.
By Joe Rennison and Matthew Goldstein
The S&P 500, rising 10 percent, set the pace as investors looked forward to interest rate cuts.
By Joe Rennison
Trump Media & Technology Group, fresh from a merger with a cash-rich shell company, started trading on the Nasdaq, adding billions of dollars to the former president’s wealth.
By Matthew Goldstein and Joe Rennison
The influx of cash reflects optimism about the economy and company earnings despite high interest rates and stubborn inflation.
By Joe Rennison
This was featured in live coverage.
By Joe Rennison
Also, Japan’s interest rate hike and M.L.B.’s season opener.
By Amelia Nierenberg
Higher inflation and rising wages suggest that the country’s economy can grow without such aggressive stimulus from the central bank.
By Joe Rennison and Kiuko Notoya
It was the S&P 500’s best day in more than a year, and the tech-heavy Nasdaq composite rose 3 percent.
By Joe Rennison
The chipmaker’s high “price to sales” ratio reflects investor enthusiasm around its growth prospects. But relying on that metric created trouble during the dot-com boom.
By Joe Rennison
A shift in investors’ outlook for Japan has encouraged a flurry of cash into the country’s markets.
By Joe Rennison and Jason Karaian
Traders and strategists are thinking about all the ways that November’s election could alter the mood in markets.
By Joe Rennison
A hotter-than-expected inflation report led investors to push out their expectations for Federal Reserve rate cuts until later in the year.
By Joe Rennison
This was featured in live coverage.
By Aaron Boxerman
Israel’s creditworthiness remains high, but the rating agency noted that the outlook for the country was negative considering the risks from the continued conflict.
By Joe Rennison
The index is up TK percent this year.
By J. Edward Moreno and Joe Rennison
Seven tech stocks, including Meta, Nvidia and Apple, have accounted for roughly 90 percent of the S&P’s gains over the past 12 months.
By Joe Rennison
A change in perception among investors about China and Japan is one of the biggest themes in the markets right now.
By Joe Rennison and Alexandra Stevenson
See how a handful of stocks have had an outsize impact on the performance of the S&P 500
By Karl Russell and Joe Rennison
The S&P 500 crossed above its January 2022 peak after weeks of wavering. Investors have been buying stocks after homing in on signals that the Fed’s campaign of raising interest rates is over.
By Joe Rennison and J. Edward Moreno
The S&P 500 logged its first weekly decline since October, ending Wall Street’s longest winning streak in nearly 20 years.
By Joe Rennison and J. Edward Moreno
Analysts bullish on 2023 were largely right and expect more of the same in 2024. Bears caution that the Fed’s impact is yet to be determined.
By Joe Rennison
The Fed’s rate increases since March 2022 have sent shock waves through financial markets, raising borrowing costs on things like mortgages and government debt and weighing on the stock market.
By Joe Rennison
Firms may struggle to keep profits up if demand slows, but so far they are finding ways to keep margins wide.
By Jason Karaian, Jeanna Smialek and Joe Rennison
The S&P 500 has risen over 10 percent from its October low, with November its best month of the year.
By Joe Rennison
Mr. Munger’s death won’t affect the day-to-day operations of the conglomerate, but shareholders will miss his imprint on the company’s ethos.
By Joe Rennison
Small businesses and risky borrowers face rising costs from the Federal Reserve’s moves, but the biggest companies have avoided taking a hit.
By Talmon Joseph Smith and Joe Rennison
Stocks and bonds were buoyed after even inflation-focused Federal Reserve officials suggested that rates may stay steady.
By Jeanna Smialek and Joe Rennison
Shares of smaller companies surged as yields on government bonds tumbled.
By Joe Rennison
A series of data reports and actions by policymakers have led investors to reassess their assumptions about interest rates and the economy.
By Joe Rennison
A routine announcement by the Treasury Department about its borrowing plans has attracted more attention than usual because of the rapid rise in interest rates.
By Joe Rennison
The Bank of Japan said it would be more flexible in how it managed government bond yields, citing rising inflation.
By Rich Barbieri and Joe Rennison
The rapid rise in interest rates in recent months has shaken investors and cast a cloud over the economy.
By Joe Rennison
The 10-year U.S. Treasury yield has threatened to break above 5 percent for the first time in 16 years, rattling the markets.
By Joe Rennison
This was featured in live coverage.
By Joe Rennison and Jeanna Smialek
Investors doubt that central bankers will lift borrowing costs again following big market moves that are widely expected to cool growth.
By Joe Rennison and Jeanna Smialek
Employment data for September showed surprising strength in the economy, but that resiliency has become a cause for concern among investors.
By Joe Rennison and Santul Nerkar
Fed officials are happy when the labor market looks strong, but they are trying to cool the economy down to fully wrangle inflation.
By Jeanna Smialek
A run-up in longer-term interest rates could help the Federal Reserve get the economic cool-down it wants — but it also risks a bumpy landing.
By Jeanna Smialek and Joe Rennison
There’s unease on Wall Street, especially in the market for government bonds. The strong September jobs report is adding to the concerns.
By Santul Nerkar and Joe Rennison
Employers added 336,000 jobs in September, almost double what experts had forecast and the biggest gain since January. Markets welcomed the report.
By Talmon Joseph Smith
A long period of higher interest rates would make the government’s large debt pile costly, a possibility that is fueling a conversation about debt sustainability.
By Jeanna Smialek, Jim Tankersley and Joe Rennison
The report from the Labor Department is the latest reading on how the economy is withstanding the escalation of interest rates.
By Santul Nerkar
A series of potential problems, including rising oil prices and labor strikes, have prompted a much warier mood among investors.
By Joe Rennison
The Federal Reserve’s message of higher rates for a longer period of time has led investors to question their assumptions.
By Joe Rennison
Federal Reserve officials forecast higher interest rates through 2026 this week, a sign that borrowing costs are not heading back to the rock-bottom levels normal before the pandemic.
By Ben Casselman and Jeanna Smialek
This was featured in live coverage.
By Joe Rennison
The rush by companies to borrow comes as fears of a potential recession recede and executives expect interest rates to remain high.
By Joe Rennison
Jerome Powell, the Federal Reserve chair, warned in 2022 that the central bank might hurt the economy to cool inflation. This year, things look less dire.
By Jeanna Smialek and Joe Rennison
Federal Reserve officials raised interest rates at their July 26 meeting, and freshly released minutes showed they remained focused on inflation risks.
By Jeanna Smialek
Investors are worried about the Chinese economy teetering as well as signs that the U.S. economy may be growing too fast for inflation to moderate.
By Joe Rennison
Fitch’s credit-rating decision stemmed from concerns about America’s ability to govern itself, along with the nation’s growing debt load.
By Joe Rennison and Alan Rappeport
The ratings agency, which lowered the U.S. long-term rating from its top mark, said debt-limit standoffs had eroded confidence in the nation’s fiscal management.
By Alan Rappeport and Joe Rennison
The S&P 500 is up more than 19 percent this year, but some still warn that the future may not be as rosy as that implies.
By Joe Rennison
Stock markets often exhibit caution ahead of major events like Fed meetings, waiting until there is clarity over the central bank’s next move.
By Joe Rennison
This was featured in live coverage.
By Joe Rennison and Jeanna Smialek
Federal Reserve officials lifted borrowing costs by a quarter-point after pausing in June. Rates could rise more, but the central bank is not ready to commit.
By Jeanna Smialek
Analysts warn that bankruptcies and defaults could jump as the world adjusts to higher interest rates.
By Joe Rennison and Jeanna Smialek
Ukraine accused Moscow of specifically targeting the infrastructure for exporting food, after Russia pulled out of an agreement allowing ships carrying grain to sail past its Black Sea blockade.
By Marc Santora, Matthew Mpoke Bigg and Joe Rennison
This was featured in live coverage.
By Matthew Mpoke Bigg and Joe Rennison
Most of the company’s bondholders have agreed to accept bonds that are worth less than what they were owed but that are secured against real estate and other assets.
By Neal E. Boudette and Joe Rennison
This was featured in live coverage.
By Joe Rennison