S&P 500 ‘Bumps Into a Wall’ After Blistering Rally: Markets Wrap
- Citi’s Montagu says fewer investors keen to join stock advance
- Treasuries hold losses as $42 billion sale sees tepid demand
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Wall Street’s enthusiasm for stocks faded as many traders were reluctant to keep piling in after a solid rally in early May.
The S&P 500 closed little changed, remaining below the 5,200 mark that it briefly touched this week. Tesla Inc. and Google’s parent Alphabet Inc. led losses in megacaps. Intel Corp. sank as it expects revenue to fall “below the midpoint” of previously issued projections after a US ban on chip exports to Huawei Technologies Co. Treasuries remained lower after a $42 billion sale of 10-year bonds saw tepid demand.