New tech-trend yet to push the S&P 500 above its multi-month range
Another Friday and still the S&P 500 SPX struggles to break decisively above the 4,200 level. Debt-ceiling angst is battling with AI euphoria to leave the Wall Street barometer in the doldrums — bobbing near the top of a channel it has held all year.
However, there are many investors yet to boost their exposure, suggesting not only plenty of firepower on the sidelines, but that the sector has not reached the total FOMO phase that usually characterizes bubbles. “Take, for example, the two most-popular stocks during the meme bubble, GME and AMC , and compare them to two AI juggernauts, NVDA and AMD. The former duo attracted more retail flows during the two meme stock peaks of 2021 than the latter, despite having combined market caps of barely US$2 billion vs. NVDA and AMD’s combined market cap of US$430 billion at the end of December,” Vanda notes.
Markets U.S. equity-index futures YM00 ES00 NQ00 are mixed as Treasury yields TMUBMUSD02Y TMUBMUSD10Y TMUBMUSD30Y nudge lower. The dollar index DXY is softer, while oil CL.1 climbs and gold GC00 advances.
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