(Bloomberg) — Wall Street’s enthusiasm for stocks faded as many traders were reluctant to keep piling in after a solid rally in early May.
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The S&P 500 closed little changed, remaining below the 5,200 mark that it briefly touched this week. Tesla Inc. and Google’s parent Alphabet Inc. led losses in megacaps. Intel Corp. sank as it expects revenue to fall “below the midpoint” of previously issued projections after a US ban on chip exports to Huawei Technologies Co. Treasuries remained lower after a $42 billion sale of 10-year bonds saw tepid demand.
“All of these ingredients create a perfect recipe for an excuse for investors to take a step back after the recent bounce and reassess things,” said strategists at Bespoke Investment Group.
Lack of conviction among investors to buy into the recent bounce in US stocks shows the market is far from turning fully bullish, said Citigroup Inc. strategists. The…
