AP/Peter Morgan

"Lights Out for Stocks: The bull's long gallop might be nearing an end," per Barron's cover story by Ben Levisohn:

What to watch for: "Neither longevity nor high stock prices, nor political turmoil usually are enough to send stocks into a protracted slide. The culprit in nearly every case is recession. The mystery is what will cause the next one."

Two possible triggers:

  1. "The S&P 500 is trading at 17.7 times 12-month forward estimated earnings, near the highest price/earnings ratio since the dot-com boom. ... [B]ear markets almost never begin when stocks are cheap.
  2. "At the same time, the Federal Reserve is normalizing interest rates. That, on its own, won't precipitate a bear market, but it could be a catalyst for one if the central bank hikes too much, too fast."

The takeaway: "Markets tumble all the time, but have a way of coming back, as long as the economy continues to grow."

Go deeper

GAO finds Chad Wolf, Ken Cuccinelli are ineligible for top DHS roles

Photo: CQ-Roll Call, Inc via Getty Images

Acting Homeland Security Secretary Chad Wolf and his acting deputy Ken Cuccinelli are ineligible to be serving in their positions, the Government Accountability Office (GAO) decided in a report released Friday.

Why it matters: While the finding has no immediate power, it could be important evidence in litigation over policies enacted under Wolf and Cuccinelli's leadership, said America's Voice's Ur Jaddou, who served as chief counsel to U.S. Citizenship and Immigration Services (USCIS) under President Obama.

The many divisions over Trump's methane rollback

Illustration: Rebecca Zisser/Axios

EPA's decision to cut regulation of methane is laying bare an oil-and-gas industry divide and setting the stage for political battles this fall and beyond.

Why it matters: Methane is an extremely powerful greenhouse gas and the industry is a key emissions source.

Kushner says Trump didn't promote false Kamala Harris birtherism theory

White House senior adviser Jared Kushner told "CBS This Morning" on Friday that he does not believe President Trump promoted a baseless claim that Sen. Kamala Harris is ineligible to be vice president.

Driving the news: During a press briefing on Thursday, Trump did not question the veracity of a Newsweek op-ed that inaccurately claimed Harris may be ineligible for the office due to her parents' naturalization status at the time of her birth. Harris is an American citizen and was born in Oakland, Calif.