Signs of stock-market complacency are emerging as the searing equities rally coincides with an acceleration in earnings downgrades, according to JPMorgan Chase & Co. quantitative strategists.

JPMorgan said the speed at which some stocks have become overcrowded is the fastest in 30 years. It flagged retail favorites like Palantir and Coinbase.

The U.S. and Japan have reached a trade agreement that will lower tariff rates on the longtime U.S. ally down to 15%, President Donald Trump said Tuesday. The 25% tariff rate slated to hit Japan by August will be lowered to 15%, according to Trump, who said Japan will invest $550 billion into the U.S. under the deal.

US stocks will shrug off tariff risks to get a boost from the second-quarter earnings season, the latest Markets Pulse survey showed.

A weaker dollar, the global AI race and plans for ramped-up government spending abroad are all reasons why global equities can shine in the months and years ahead.

The S&P 500 is expensive, making value stocks hard to find, yet even more essential to identify. Learn more about HP and UNH stocks, which are deeply undervalued.

The latest so-called meme stocks are the department store Kohl’s, which has surged this week, and the online-based real estate company Opendoor Technologies, which has skyrocketed this month. Both companies have been struggling in their respective sectors.

In tandem with a presidential speech on Wednesday, the Trump administration is set to roll out its “AI Action Plan,” and new executive orders on AI are expected.