The S&P 500 was little changed Wednesday as traders digested the latest commentary on the pace of future monetary policy from Federal Reserve Chair Jerome Powell. The Dow fell 0.21% The S&P 500 shed 0.03% The Nasdaq climbed 0.27%
A shrinking number of bullish financial newsletter writers and a rising number of those believing stocks will suffer a short-term correction "creates conditions for the early June rally to resume," according to the latest weekly survey byThe percentage of bullish advisors dropped to 50.0% in the latest week from a 19-month high of 54.3% the prior week. Those arguing in favor of a correction, or short-term pullback in prices, widened to 31.4% from 25.7% the week before.
"We think there could be plenty of tailwinds, such as ongoing growth in newer products, an increased need by customers to hedge , market share gains in metals, and the ongoing adoption of passive investing ," analyst Benjamin Budish wrote.See where the major averages stand in the final hour of trading
Goldman Sachs' Peter Oppenheimer believes there is a cap on global risk assets from here, as interest rates remain at a high level through the middle of next year.
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