Trading Day: Economic reality damps AI, deals optimism

Dealmaking appetite is strong - Wall Street is booming, the Fed is cutting rates, and financial conditions are the loosest in years. Deals targeting U.S.-based companies totaled $1.7 trillion, according to LSEG, up 36% year-on-year and second highest since LSEG records began in 1970. Justified, or is irrational exuberance creeping in?Kimberly-Clark is buying Band-Aid maker Kenvue in a deal worth nearly $50 billion, something of a surprise move given the premium paid and some of the controversies and difficu ...