Editorial companion

What stands out

Jim Paulsen, a 40-year strategist, says the long tech leadership run may have produced complacency and that significant downside remains for tech and communication stocks even if the broader S&P 500 holds up. He argues AI spending is creating concentrated gains while much of corporate America shows weak growth, and he warns that the economic pain from oil and interest-rate spikes often arrives after those peaks. He also disputes the reliability of the usual post-midterm seasonal lift, saying this year’s rally could disappoint.