If stagflation takes hold in the year’s second half, earnings estimates may fall, threatening the market’s currently lofty valuation, says one strategist. Plus, investor newsletter commentary about silver,

Earlier this week, falling bond yields and growing expectations for aggressive Federal Reserve interest-rate cuts in the months ahead helped spark a rotation away from what had been working in the U.S.

The S&P 500 Index ($SPX) (SPY) on Thursday rose +0.09%, the Dow Jones Industrials Index ($DOWI) (DIA) fell -0.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) was unchanged. September E-mini S&P futures (ESU25) fell -0.