Why stocks are defying gravity and what could bring them down

PremiumAruni SoniNew York Times·8 Sep, 2026 09:47 PM6 mins to readSharemarket investors are facing a protracted war in Iran, rising oil prices and a bond sell-off that could elevate borrowing costs globally. And yet they're unfazed. Illustration / Pete Ryan, The New York TimesInvestors are focused on strong corporate earnings and AI, while looking past the war in Iran. But rising interest rates are an increasing risk to the rally.

Investors in the stock market are facing a protracted war in Iran, rising oil prices and a bond sell-off that could elevate borrowing