Trading Day: Wall Street, gold cool as visibility dims

Group 1 - The bankruptcy protection filing by First Brands and the disappearance of $2.3 billion raises concerns about the stability of private credit markets, suggesting potential bubble risks [1] - Major financial institutions, including the Bank of England, IMF, and JPMorgan, have issued warnings about the possibility of a stock market correction and its economic implications [1] - Shares of private market firms like KKR, Carlyle Group, and Blackstone are declining as investors worry that First Brands' financial issues may not be an isolated incident [5] Group 2 - The upcoming Q3 earnings season is expected to focus on major financial firms and sectors affected by tariffs, particularly consumer and retail, as well as Big Tech [5] - Analysts predict an earnings growth of 8-9%, with some expecting low-teens growth driven by AI capital expenditures and a weaker dollar, although 70% of this estimate is reliant on the largest tech firms [6] - The International Monetary Fund highlights a concerning trend where young Americans are less likely to earn more than their parents, indicating broader economic challenges [8][10]