(Bloomberg) — Stocks struggled to gain much traction after a rally that drove the market to all-time highs, with recent data mostly pointing to economic weakness that could hamper the outlook for corporate profits.
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The S&P 500 briefly topped the historic 5,500 mark. The Nasdaq 100 fell after a seven-day rally. Dell Technologies Inc. rose after Chief Executive Officer Michael Dell said the company is building a “Dell AI factory” for Elon Musk’s startup xAI alongside Nvidia Corp. After coming close to erasing this year’s losses, Treasuries retreated.
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“Bullish momentum remains intact for the S&P 500 and Nasdaq, but near-term overbought conditions coupled with deteriorating breadth make equities vulnerable to a pullback or correction,” said Craig Johnson at Piper Sandler.
US initial jobless claims were little changed at 238,000 last week…
