Are global stock markets heading for a crash?

Global markets face renewed turmoil as the unresolved Iran war pushes oil above $100 a barrel, AI investment shows signs of slowing, and US government borrowing costs hit their highest level since 2007. Investors fear the conflict under Donald Trump will reignite inflation, while his tax and spending plans are driving US federal debt above $40tn. Heavy selling in the bond market is raising fears that shares could be next: the S&P 500 remains 3% below its all-time high, and the "magnificent seven" tech stocks — Nvidia, Apple, Google, Microsoft, Meta, Amazon and Tesla — are collectively worth more than $20tn, prompting concern that valuations are stretched.