As the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have climbed to never-before-seen levels, stock valuations are attempting to follow suit. Wall Street appears set to enter the new year with the second priciest stock market on record -- and history offers investors a dire warning of what's to come.

Wall Street banks expect US stocks to post another year of double-digit gains in 2026, defying recent investor jitters over Big Tech companies’ huge spending plans and a potential bubble in the artificial intelligence sector.

The Cboe Volatility Index, better known as the "VIX" or Wall Street's "fear gauge," returned to its lowest level since September early Friday, suggesting that investors were finally moving past November's market ructions.

Another potential warning about U.S. shoppers’ strength came from the chief financial officer of Procter & Gamble, the giant behind Tide detergent and Ivory soap. Andre Schulten said the landscape for U.S. consumers is “volatile” at the moment, though still within the company’s expectations. Procter & Gamble slipped 1.1%.

It's not quite as bad as a bubble, but an "air pocket" in stocks can still hurt.

Citigroup Inc. strategists recommend emerging-market investors seek trades cushioning against a potential rebound in the dollar, in contrast with Wall Street peers that expect more weakness for the US currency.

Banks, brokers and money managers are eager to find a role in the program offering Americans investment accounts at birth.

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