American companies have a lot in common. They tend to have lots of exposure to the U.S. economy, have similar demand for their shares through buying and selling of broad indexes of the U.S. market and, of course, are subject to the same regulations, laws and governance.

So it is extraordinary to find that America’s banks and industrial stocks now move more closely with foreign share prices than with U.S. growth stocks, which are dominated by the FANGs -- Facebook, Amazon, Netflix and Google, now Alphabet -- along with Microsoft. There hasn’t been a disconnect like this since at least 1991, when daily data for the Russell 1000 Growth index starts.

It gets even more extreme when the market is divided between growth and cheap “value” stocks trading on a lower valuation than the rest of the market.

Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.

Beware This Change in the Rules for Retirement-Account RMDs: If you inherited an individual retirement account from someone who died after 2019, a recent change in federal tax rules could affect the manner in which you make withdrawals known as required minimum distributions.

From Dow Jones Newswires

Global air cargo traffic continues to outpace even rebounding economic growth, with trade group IATA reporting a rise of 9.4% in May compared with two years earlier. North America accounted for almost half the growth. Average air cargo costs are now only six times those of ocean freight, compared with 12 times before the pandemic, says IATA. Congestion in container shipping lanes is easing slower than the capacity crunch in air cargo. (doug.cameron@wsj.com; @dougcameron)

Any direct economic boost to the U.K.'s economy from England's last reopening step on July 19 could be cancelled by the current rise in Covid-19 cases, Shreyas Gopal, strategist at Deutsche Bank, says. Higher case rates could weigh on consumer confidence and therefore consumer spending, particularly among older population with higher purchasing power, he says. Firms in sectors that rely heavily on young workers such as hospitality or leisure might also have to start closing temporarily if a large portion of their workforce has to isolate, Gopal says. (xavier.fontdegloria@wsj.com)

Texas Teacher’s Neil Randall Says He’s Unfazed by High Valuations: The director of private equity at one of Texas’s largest state pensions still sees promise in co-investments and secondary deals despite high valuations.

Issuance of EM Green, Sustainable and Social Bonds Rises Sharply: Companies in emerging markets have ramped up issuance of green, sustainable and social bonds to the extent that its pace recently exceeded that of U.S. investment-grade companies, says Federated Hermes. "While the EM component of the fixed income asset class may have been late to the party, it has sharply woken up and the pace of issuance of these type of bonds by EM corporates has recently exceeded that of U.S. investment grade," says Nachu Chockalingam, senior credit portfolio manager at Federated Hermes's international business. So far this year, EM corporates have issued $51 billion in GSS bonds, accounting for nearly 17% of total supply and marking a sharp increase from a 6%-7% contribution in recent years, she says.

Ketchum, Idaho, Has Plenty of Available Jobs, but Workers Can’t Afford Housing: The resort town Ketchum is facing a cascading housing crisis caused by a rush of new residents during the Covid-19 pandemic, growing demand for workers during the economic boom that has followed, and a shortage of affordable homes that was years in the making.

Travel Is Bouncing Back Strong, and Airlines Are Racing to Keep Up: Passengers have flocked back to airports more quickly than airlines anticipated, and so have travel headaches like delayed and canceled flights.

It’s Time to Relearn How to Have Work Drinks: Alcohol always requires care in a professional setting, and the return to socializing with co-workers may call for some extra thought.

The Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. The content is curated by the Dow Jones Newswires team using articles from the Newswires, Barron's, MarketWatch and The Wall Street Journal. The briefing is delivered to subscribers by email each workday morning at 6:30 a.m. ET. You can sign up here (https://www.wsj.com/newsletters) for email delivery. 

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