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Ray Dalio, founder of Bridgewater Associates, warns that the US stock market's buffer is running out and the bond bear market is not over.

39 minutes ago

Ray Dalio, founder of Bridgewater Associates, told CNBC during an interview at the Milken Institute Asia Summit in Singapore that U.S. stocks’ ability to withstand the earlier bond market selloff mainly relied on their relative return advantage driven by corporate earnings growth. But as both stock prices and U.S. Treasury yields rise, this buffer is weakening, and credit spreads have started to widen. Current financial conditions have not yet tightened enough to significantly curb credit and spending. Dalio emphasized that investors should focus on free cash flow rather than just book earnings. He projected that corporate earnings may still improve, but free cash flow could decline; if profits keep being invested in capital expenditures without translating into cash, liquidity risks will gradually form. The continuous investment of large tech companies in AI infrastructure makes this risk more notable. Regarding the bond market, Dalio believes the current environment is a bond bear market and may have further room to develop. Governments financing fiscal deficits and tech companies issuing debt for AI construction are competing for long-term capital, and higher financing costs may ultimately suppress credit expansion and spending. However, he did not predict an imminent decline in corporate earnings or a major correction in U.S. stocks.

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Upbit will list KAIA/KRW, KAIA/BTC, and KAIA/USDT trading pairs

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Crypto-related stocks in pre-market US trading rose broadly, with BNC gaining over 3%.

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Following Firmus' withdrawal of its IPO application, the company plans to raise up to $3 billion via private placement financing.

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Huobi HTX has launched MAR perpetual contracts.

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Binance Alpha will delist tokens including SUP, CUDIS, and others.

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