These days, the confidence of US households in the share market is at its highest point, but also its level of risk exposure. According to a CNN analysis based on Federal Reserve data, tenure Direct and indirect actions achieved a historical maximum in the second quarter of this year.
Specifically refer to capitals that move through individual accounts, mutual funds or retirement plans such as 401 (K), in front of which argue that 45% of all household assets are invested in the stock market.
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This record is a milestone that reflects, on the one hand, the appeal of the stock market and, on the other, a warning, since never before the personal finances of so many Americans had depended so much on what happens on Wall Street.
A historical rally, with fragility nuances
The impulse behind this phenomenon has multiple factors. According to CNN, The first is the escalation of the S&P 500 itself, which since April has risen 33% and in the run of 2025 already accumulates 13% rise, with 28 historical maximums in the year; While technology companies linked to artificial intelligence, such as Nvidia, Apple, Microsoft, Meta, Alphabet, Amazon and Tesla, known as the “Magnificent Seven”, have explained 41% of those profits.
The actions market in the United States shows behavior that worries analysts.
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The problem is that this concentration means that a good part of the wealth of households depends on a handful of giants, since today, the seven represent 34% of the market value of the index, a level that arouses fears about what would happen if any of these companies stumbles.
The report also emphasizes that the stock market is deepening the so -called “K -shaped economy”, that is, while the richest ones see their heritage grow thanks to the share rally, the sectors Low income are still pressured by inflation and a less dynamic labor market.
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Thus, 10% with higher income (more than $ 353,000 annually) explains 49% of consumption in the United States, the highest figure since 1989, according to Mark Zandi, chief economist of Moody’s Analytics. In practice, this means that the expense of the wealthiest supports a good part of the current economic growth, while millions of homes without stock market investments feel that they are left behind.
Economists alarm signals
Although the trend may sound positive, since there are more people benefitingAnd of corporate profits, history teaches caution. Experts such as John Higgins, from Capital Economics, told CNN that the current levels of exposure exceed the late nineties, just before the outbreak of the Puntocom bubble.
The actions market in the United States shows behavior that worries analysts.
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“This should be an alarm signal, even if the stock market, booming, continues to rise for a time in the middle of AI enthusiasm,” Higgins warned, whose consultant provides that the S&P 500 maintain the impulse this year and next, but insists that the concentration and excess of optimism are red foci.
With all this, it is enough that, the records achieved by the investment in shares reflect both the power of the US economy and its vulnerability, since while the stock market boom feeds the consumption and confidence of the richest, Leave the question of how resistant this growth is open if a correction occurs.
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Finally, the stock market has proven to be a source of wealth and optimism, but it can also become an Achilles heel and as CNN recalls, the challenge is that what is celebrated today as a financial triumph could tomorrow transform into a source of instability.
Daniel Hernández Naranjo
Portfolio journalist
