In this episode:

We’ve entered the final stretch of an exceptional year, but signs of change are multiplying.

• After six consecutive months of gains, the S&P 500 is showing its first cracks: extreme concentration in the “Magnificent 7” and recent weakness in the AI sector mark the start of a more selective phase.
• High valuations and early profit warnings in consumer companies reveal a polarized U.S. economy, where the strength of the wealthy coexists with the fragility of middle-income households.
• In the background, the U.S.–China truce highlights that the real battleground remains technology, while automation accelerates and reshapes the labor market.

In an environment of rising volatility and sector rotations, it’s time to refocus on real value: prudence, stock picking, and resilient portfolios will be key in the months ahead. To learn more, listen to the new episode of the Market Flash podcast hosted by Alberto Tocchio, Head of Global Equity and Thematics.