Is the Stock Market’s Unstoppable Rally a Genius Play or a Ticking Time Bomb?
Stocks extended their pullback on Wednesday, as hawkish comments from Fed Chair Jerome Powell triggered profit-taking. Ultimately, the S&P 500 closed 0.12% lower after rebounding from a local low near 6,336. After the close, earnings from Meta and Microsoft fueled strong gains, and the index is expected to open 0.9% higher this morning, reaching new records above 6,400.
Investor sentiment has improved slightly, as reflected in yesterday’s AAII Investor Sentiment Survey, which reported that 40.3% of individual investors are bullish, while 33.0% are bearish.
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