Stocks continue to climb a wall of worry, a wall that has gotten a bit taller as fall begins. The conflict in the Middle East, higher interest rates, and questions surrounding the enormous artificial intelligence (AI) capital spending boom all present legitimate risks for investors. While each of these challenges could generate bouts of volatility, we believe the fundamental backdrop remains supportive enough for stocks to weather them. Here, we assess the market’s growing wall of worry, explain why these worries warrant attention, and justify our continued constructive intermediate-to-long-term stock market outlook.

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