(Bloomberg) — The rally in stocks lost traction Friday, with the market still notching its best week in 2024 amid speculation the Federal Reserve will be able to cut interest rates as soon as June.
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US equities wavered after a record-breaking run that drove the S&P 500 up about 10% this year. In an almost broad-based weekly advance, the gauge climbed more than 2% in the span. The market resilience has left strategists scrambling to update their targets, while spurring calls for a consolidation or a pullback.
“With some sentiment and positioning indicators looking elevated, we would not be surprised to see a modest pullback in the coming months,” said David Lefkowitz at UBS Global Wealth Management. “That could offer investors a better opportunity to add to equity positions.”
In the absence of economic data, traders kept an eye on Fedspeak. Jerome Powell’s remarks during a “Fed Listens” event…
