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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

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 4 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."

Biden: DOJ should prosecute those who defy Jan. 6 subpoenas

President Biden speaks with reporters at Bradley International Airport in Windsor Locks, Connecticut. Photo: Brendan Smialowski/AFP via Getty Images

President Biden said Friday that the Justice Department should prosecute those who defy subpoenas from the Jan. 6 select committee.

Why it matters: The president's remarks come one day after Donald Trump ally Steve Bannon failed to show up for a deposition before the committee.