S&P 500 Signals the US Stock Rally Momentum Is Waning

Under the surface of the US stock market’s march to record highs this month, there are signs the rally is running out of gas.

The S&P 500 Index has gone 17 sessions without a move of 1% in either direction, the longest stretch of relative tranquility since December. For Matt Maley at Miller Tabak & Co., the diminished movement shows the market’s momentum is waning after its scorching rebound from April’s tariff-fueled lows.