The Nasdaq and the S&P 500 had their worst day since June as investors worried about spending on A.I. infrastructure.

© The New York Times

Factors like inflation, interest rates, A.I. and the war with Iran are far more important, our columnist says.

American capitalism may never be the same again.

Few surprises as chancellor uses low-key speech blaming ‘global economic storms’ for stoking energy prices and cost of living crisis

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John Healey raised taxes on banks and landlords to fund a £100 winter handout for 20 million families as official forecasts made clear there is no end in sight for the cost of living crisis.

In his first budget, the chancellor blamed “global economic storms” for the grim outlook, as the war in Iran drives up oil and gas prices.

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© Photograph: House of Commons/AFP/Getty Images

© Photograph: House of Commons/AFP/Getty Images

© Photograph: House of Commons/AFP/Getty Images

The Communist Party uses a “national team” of state-owned investment funds to stem the market rout. But this time, investors are not sure it will work.

© Florence Lo/Reuters

Inflation is moving in the wrong direction and the labor market remains stable, a combination that bolsters the case for higher interest rates.

© Athit Perawongmetha/Reuters

Inflation is moving in the wrong direction and the labor market remains stable, a combination that bolsters the case for higher interest rates.

© Athit Perawongmetha/Reuters

As exuberance around the technology stokes fears of a bubble, the nation’s public pensions are starting to grapple with their role — and their risks.

© Matt Chase

President Luiz Inácio Lula da Silva’s re-election victory prompted a sharp reversal in financial markets that had expected his opponent to win.

© Amanda Perobelli/Reuters

President Luiz Inácio Lula da Silva’s re-election victory prompted a sharp reversal in financial markets that had expected his opponent to win.

© Amanda Perobelli/Reuters

The race to build artificial intelligence infrastructure is consuming increasingly enormous amounts of cash at the biggest tech companies.

© Gabriela Bhaskar/The New York Times

Anthropic sits atop a pyramid of business partners and suppliers, making it a barometer of the broader economy. Its initial public offering will have widespread implications.

It’s not impossible to spot the characteristics of a brewing financial crisis. We can look to 2008 for clues.

© Illustration by Andrei Cojocaru; photos by Getty Images