The dissonance continues. On one hand big names like Jamie Dimon are bandying about the word recession as each new day brings more bad news  for the US economy (see below for the latest installment). On the other, Wall Street continues to notch new records almost as often. Now it seems that investor appetite for equities is equally ravenous for new issues, too.

The market for initial public offerings appeared to kick into high gear this week with six deals raising more than $4 billion, making it the busiest period since 2021. Still, while five of the six IPOs priced above their marketed ranges, subsequent performances were mostly uninspiring—a sign that there are at least some pockets of skepticism.

Fintech firm Klarna Group fluctuated after jumping Wednesday in the week’s largest IPO while Figure Technology Solutions ended its second day higher following a strong debut. In the crush of four listings on Friday, Gemini Space Station initially soared as investors flocked to the Winklevoss crypto exchange before trimming gains. Blackstone-backed Legence and Via Transportation rose more modestly after opening below their IPO prices. —David E. Rovella

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Bank of America is said to be planning a shake-up of its senior leadership ranks in a move that narrows the slate of leaders who could one day succeed long-time Chief Executive Officer Brian Moynihan. The discussion involves expanding the role of Jim DeMare, 56, who runs the firm’s trading business, along with promotions for other senior leaders. 

The move comes at a time when Moynihan, already one of the longest tenured CEOs of a big bank, has said he wants to continue in the role through the end of the decade. The bank’s shares meanwhile have underperformed all its major peers over the last year. Since the Federal Reserve began its rate-hike cycle in early 2022, Bank of America has been the worst performer among the half-dozen biggest US banks. The firm has returned 34% in that period, while all its main rivals delivered at least 78%.

Following a government-wide effort to cleanse references to climate change and curtail programs aimed at environmental research and regulation, the Trump administration on Friday announced that it will end standards that compel power plants, industrial facilities, oil refineries and other major polluters to collect and report data on their emissions.

“Cutting the Greenhouse Gas Reporting Program blinds Americans to the facts about climate pollution,” said Joseph Goffman, a former assistant administrator for the Office of Air and Radiation at EPA. “Without it, policymakers, businesses and communities cannot make sound decisions about how to cut emissions and protect public health.”

Nevertheless, some Investors are starting to question if they’ve allocated too much money to the US, said Goldman Sachs Vice Chairman Robert Kaplan, with many financial firms eyeing Europe and Asia for growth. There’s many asking if they should start hedging the dollar to protect against currency fluctuations. “We’re having hedging conversations around the world with people who haven’t hedged dollar in 15 years,” he said. 

“If you’re sitting in the US, you might fairly conclude the world is deglobalizing,” Kaplan explained. “Globalization is continuing and as I told you, it’s continuing aggressively.” But, he added, “the US is not in the middle as much of those conversations as we would’ve been just a year ago.”

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