A Pause And Some Jitters

It has been seven weeks since the S&P 500 reached its most recent year-to-date high, closing on June 2 with a 16.9 percent total return. The first meaningful catalyst to pull the market back from its seemingly easy glide up during April and May had nothing to do with SpaceX at all, but rather the monthly BLS jobs report that came out on June 5. For the time being, at least, conditions seem top-heavy. Not for the first time or even the sixth time since AI mania got into gear in early 2023.

It has been seven weeks since the S&P 500 reached its most recent year-to-date high, closing on June 2 with a 16.9 percent total return. Since then, US stocks have mostly meandered along a sideways pattern in the