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Photo: Michael Kovac/Getty Images

Goldman Sachs CEO David Solomon is preparing for more stock market volatility, particularly in the near term, and currently sees some "excess in markets," he told Axios in a phone call this week.

Why it matters: Solomon is the latest in a long list of high-profile CEOs, fund managers and investment strategists to warn that stock prices may be running away from reality.

What he's saying: "The markets have been quite ebullient as of late. You know, I think there's some excess in markets."

  • "I think there's a lot of retail participation in markets that's certainly making markets a little bit more ebullient. I'd be cautious about some of that."

Driving the news: U.S. equity indexes bounced back strongly from Monday's selloff and are again trading near all-time highs, despite coronavirus cases and deaths in the U.S. and around the world rising to new record highs.

By the numbers: Analysts at Bank of America Research noted Tuesday that S&P 500 earnings are estimated to have fallen by 15% but the index finished 2020 up 18.4% and set 33 record highs during the year.

  • Stocks have risen 56% in two years.

The big picture: "I do think the recovery just won't be a straight line, and you know, I think the markets are pricing in, you know, just everything working perfectly as we come out of this, and I'm sure there'll be bumps along the way."

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Go deeper

Robinhood has a stacked policy team — and it's going to need it

Photo Illustration: Justin Sullivan/Getty Images

The stock-trading app Robinhood has an arsenal of political power brokers it can deploy on its behalf as it faces congressional inquiries over its role in an internet-fueled market manipulation frenzy.

Why it matters: The populist, discount trading platform is going to need that firepower because its decision to suspend trading of stock in GameStop and a number of other companies on Thursday has sparked criticism and promised inquiries from both sides of the aisle.

33 mins ago - World

Two years of COVID-19

Expand chart
Data: Our World in Data; Chart: Axios Visuals

Two years ago Wednesday, the first case of a mysterious new respiratory disease was discovered in Wuhan, China. Now, the Omicron variant has deepened concerns about just how much longer the coronavirus pandemic will last.

The big picture: More than 5 million people have died since that first case. Most people on earth have lived through some form of lockdown. 54% of the global population has had at least one vaccination, though the shots have been distributed unevenly.

Updated 13 hours ago - Politics & Policy

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.