As Trump eyes a new set of major combat operations in Iran, rising oil prices and European bond contagion risk are sparking a global selloff in stocks

Good morning. On Fortune’s radar today:

Wall Street insiders have stopped buying their own stock.

Trump eyes a new round of major combat operations in Iran.

The grumpy American consumer.

Markets: Bond contagion risk.

Is Wall Street too optimistic for Q3 earnings?

SpaceX is a decade ahead of its rivals.

Billionaires fleeing Britain have taken more with them than the combined wealth of those who remained.

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Wall Street insiders are buying their own stock at the slowest pace in nearly 23 years 

As Wall Street’s biggest banks prepare for Q3 earnings starting next week, things have never looked better. Trading desks have been setting records. Blockbuster public offerings like SpaceX in June have also given bankers plenty of reasons to celebrate.

But are the people who know the business best starting to have doubts about how long the run can last? A new report from VerityData showed that the number of financial executives buying shares of their own companies fell to a nearly 23-year low during the July-to-September quarter, Fortune’s Morgan Chittum reports. 

According to Ben Silverman, head of research at VerityData, there were just 298 “unique financial-sector buyers,” or employees who made at least one purchase of their company’s stock, in Q3. That was the lowest in the financial research firm’s records, which go all the way back to 2004, and also just under the prior record low of 302 buyers in the third quarter of 2024. 

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