WSJ July 28th edition reveals complex US economic landscape: US-EU trade deal with 15% baseline tariffs eases trade war concerns but details remain disputed; record 4.8% 401(k) hardship withdrawals reflect mounting financial pressure; US stocks show speculative bubble signs with S&P 500 P/E at 1.2x decade average and equity risk premium near zero; Gen Z luxury spending drops 7% signaling industry transformation; Las Vegas tourism crisis reflects policy impact with visitor decline and hotel occupancy down 14.6%; global fertility rate at 2.25 poses demographic challenge. Market shifts from tech giant dominance to diversification, requiring investors to heed valuation risks, focus on fundamentals and structural opportunities.