The share of active large-cap managers beating the S&P 500 rose during the first half of the year, data show. The number of stocks outperforming the index has also increased.
U.S. stocks are trading at high valuations relative to historical averages, pointing to a long period of weak performance.
A structural tech-driven bull market has much further to go says Evercore's Emanuel.
The equal-weight version of the S&P 500 just booked its longest streak of monthly gains since 2021.
A chemicals company and chip maker topped the list of gainers, while tech companies rounded out the biggest losers.
Core PCE inflation is forecast at 2.9% today. A hot print could cap Fed easing while a softer read may lift US stocks and support rate cut hopes.
Wall Street expected Nvidia, the world's most-valuable company, to deliver record results after Wednesday's close.
The U.S. stock market faces a Big Tech test this week.
Tech, consumer and industrial companies, and utilities have powered the index higher. They could keep gaining for a while.
“If you follow what is being said in mainstream and social media, you have seen an abundance of reasons why the stock market is due for a pullback, ranging from indicators meant to be precise in timing (seasonality), to those that have a long history of being imprecise in timing (valuations)
Nvidia earnings and PCE inflation data could drive major S&P 500 moves as traders brace for volatility and reassess tech stocks and valuations this week.
The S&P 500 ended its five-day losing streak on Friday, posting its largest daily gain in nearly three months after the Jackson Hole rally. The index finished the week up 0.3%, its fifth weekly gain in the past six weeks.