The floor of the New York Stock Exchange (Richard Drew / AP)

Signs keep popping up that we're at the end of this long bull run. Here's another warning shot: Analysts at the Wall Street behemoths HSBC, Citigroup and Morgan Stanley "see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle," per Bloomberg.

  • "[T]he breakdown of long-standing relationships between stocks, bonds and commodities, as well as investors ignoring valuation fundamentals and data, [mean] stock and credit markets are at risk of a painful drop."
  • "[L]ike they did in the run-up to the 2007 crisis, investors are pricing assets based on the risks specific to an individual security and industry, and shrugging off broader drivers, such as the latest release of manufacturing data."
  • Why it matters 1: "As traders look for excuses to stay bullish, traditional relationships within and between asset classes tend to break down."
  • Why it matters 2: "[A] classic late-cycle expansion -- an economy with full employment and slowing momentum -- tends to see a decline in corporate profit margins. The U.S. is in the mature stage of the cycle -- 80 percent of completion since the last trough -- based on margin patterns going back to the 1950s."

Be smart: A Bloomberg video points out that investors are looking for the "next piece of sugar," which could include progress on tax cuts.

Go deeper

House will not hold votes until Sept. 14 unless stimulus deal is reached

Photo: Mandel Ngan/AFP via Getty Images

House Majority Leader Steny Hoyer (D-Md.) announced Monday that the House will not hold any floor votes until Sept. 14, though members will remain on 24-hour notice to return to Washington in case a deal on coronavirus stimulus is reached.

Why it matters: Democrats and the Trump administration remain deadlocked and have not met since negotiations broke down without a deal on Friday.

Updated 39 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 19,936,547 — Total deaths: 732,467 — Total recoveries — 12,144,510Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 5,063,770 — Total deaths: 163,156 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Business: Richer Americans are more comfortable eating out.
  4. Public health: How America can do smarter testing.
  5. Sports: The cost of kids losing gym class — College football is on the brink.
  6. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."

Trump says he'll accept nomination at White House or Gettysburg

Trump at the 2016 Republican National Convention. Photo: Bill Clark/CQ Roll Call via Getty Images

President Trump tweeted Monday that he'll deliver his speech accepting the Republican nomination for president at either the Gettysburg battlefield in Pennsylvania or at the White House.

The state of play: Republican National Convention planners are looking for a new venue for the president to deliver his acceptance speech after convention events were canceled in Jacksonville, Fla., due to coronavirus concerns.