![]() ![]() There does seem to be cash on the sidelines, but with fixed income offering far higher yields than investors grew used to over the last decade, stocks face plentiful competition, especially with multiples at current levels. In general, Wall Street appears to remain in consolidation mode after the fierce spring rally and as the end of the quarter looms. Arguably it was a good day for the market-though this morning’s premarket action suggests the rotation out of tech into other sectors didn’t carry over into Tuesday. About 70% of the S&P 500® I ndex (SPX) actually gained yesterday, though the index fell due to weakness among the tech heavyweights. While the major indexes declined as tech slid more than 1%, some of the sectors that missed this year’s rally gained ground Monday, including real estate, materials, and energy. The S&P 500 ® Index (SPX) is down nearly 3% from its June 16 peak after falling again yesterday. ![]() There were encouraging signs yesterday of new breadth on Wall Street as investors embraced sectors other than info tech, but the question is whether that’s the start of a trend or just a one-day event. (Tuesday market open) The market begins Tuesday in wait-and-see mode as investors prepare for a flurry of data and earnings. Tomorrow brings Micron earnings, along with remarks from Fed Chairman Jerome Powell Walgreen’s shares fall after company’s earnings miss analysts’ expectations and guidance disappointsįresh readings due soon after the open on new home sales, consumer confidence
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