‘Priced for Perfection’ Stocks Stay in Tight Range: Markets Wrap
- Morgan Stanley’s Wilson sees risk from high valuations, rates
- Traders also wade through Fedspeak ahead of inflation report
This article is for subscribers only.
The stock market kicked off the week on a cautious note, with traders sifting through remarks from a slew of Federal Reserve speakers while awaiting key inflation data and the start of the earnings season.
In a very choppy trading session, the S&P 500 closed with a small gain. The market didn’t get much support from the megacap space as Tesla Inc. fell almost 2% and Amazon.com Inc. dropped before its Prime Day event. The Nasdaq 100, which notched a historic first half of a year amid the artificial-intelligence craze, will go through a “special rebalance.” A gauge of big banks pared gains on news about a plan to boost capital requirements.