The S&P 500 advanced modestly on Tuesday as Wall Street digested a recent rally that led the broad index to its highest level in nine months. The Dow closed near flat. The S&P 500 gained 0.24%. The Nasdaq rose 0.36%.
Rates will stay higher for longer, Wolfe Research says"While the FOMC has hiked sharply in this cycle, overall financial conditions have modestly loosened this year due to the Fed's balance sheet expansion in response to the regional banking mini-crisis, and Fed Chair Powell's reluctance to aggressively 'talk down' rate cut expectations," the firm's strategist said.
"Tech has still seen the biggest cumulative inflows YTD, but outflows from Tech last week were the largest in a year ," Hall said.
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