Although another robust earnings season drove the blended growth rate for the Nasdaq-100® to 15.9%, concerns over elevated valuations meant the margin for error remained small. In addition to the pockets of private credit stresses we cited last month impacting U.S. high yield corporate spreads relative to Treasurys, the recent flood of corporate debt issuance as tech companies increasingly look to fund AI investments through the debt markets has also likely impacted corporates spreads. Even though leading A ...