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Risky assets slid, with tech stocks and cryptocurrencies bearing the brunt of the selling, after long-simmering concerns about lofty valuations were fanned anew by a chorus of Wall Street executives who warned investors to brace for a pullback.

With the rally confined to fewer and fewer shares as sentiment and technical indicators show signs of overheating, the chiefs of giants from Capital Group to Goldman Sachs Group Inc. and Morgan Stanley noted the possibility of a pullback as a healthy development.

Nobody needs to look hard to find warnings that stocks look frothy after a record-breaking surge from April’s nadir pushed valuations to levels associated with exuberance. Optimism has grown heated in recent months, with many traders seeming too busy chasing the upside to worry about an expensive market.

The S&P 500 recently notched one of its best six-month stretches since the 1950s fueled by the resilience of Corporate America, the booming outlook for artificial intelligence and hopes the Federal Reserve will keep cutting rates to prop up the economy. Yet those solid gains combined with the recent narrowness of the advance spurred vulnerability worries.

Today's show features:

• Bloomberg Intelligence Global Equity Strategist Gillian Wolff on Tuesday’s tech-lead stock selloff
• Kathy Wylde, President and CEO of the Partnership for New York City, on the 2025 NYC Mayoral Election
• Mark Dixon, Founder & CEO of International Workplace Group, on earnings and the commercial real estate market
• Bloomberg News Cross-Asset Reporter Isabelle Lee on new market entrants reshaping the $13 trillion ETF industry

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