Last week, America had an election, an event generally capable of meeting the nation’s recommended allowance of drama. The U.S. economy nevertheless continued on its weirdly durable path.

What could the election change for stocks, bonds and AI? See what Voya IM investment teams are watching now.

Last week, America was reminded that AI can write a sonnet, diagnose a disease, and create a photorealistic image of Abraham Lincoln riding a capybara. All very impressive. Wall Street would now like to see it perform one quaint little party trick: make money.

Many investors may be less diversified than they think because AI exposure can show up across multiple asset classes, not just technology stocks.

Last week, America continued its quest for homeownership, a process that somehow combines the cost of a luxury vacation with the emotional experience of visiting the DMV. A barrage of housing reports suggested prospective buyers are finding neither bargains nor shortcuts.

Last week, investors took a closer look at the AI spending boom and decided they needed better answers than “trust me, it’ll pay off.” Was it Jane Wickline’s wicked turn as Anthropic’s Dario Amodei on SNL Weekend Update? (“I urge you to urge me to stop.”) Who can say. What we do know is that investors spent the next week questioning the gap between AI’s long-term promise and its near-term price tag.

To evaluate is human; to document the process, divine.

Last week, America eased into October as Wall Street eased into earnings season. Both tend to start on an optimistic note; what happens after that depends on whether reality decides to cooperate.

Market declines can be unsettling, but not every uncomfortable moment calls for action.

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