(Bloomberg) — Stocks retreated after a rally to all-time highs spurred calls for a near-term pullback amid signs of buyer fatigue.
Most Read from Bloomberg
The S&P 500 briefly topped 5,500 before losing traction — while still remaining above a technical threshold that typically hints at an overstretched market. The high-flying tech group that has powered the bull run came under pressure, with the Nasdaq 100 down after a seven-day advance. Nvidia Corp. and Apple Inc. led losses in megacaps. The Dow Jones Industrial Average outperformed.
“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.
After coming close to erasing this year’s losses, Treasuries fell despite data that mostly pointed to economic softening. A $21 billion TIPS auction was strong. Federal…
