“Investors continue to have a ‘glass half full’ mindset, with bears unable to gain traction despite elevated valuations and concern over the labor market,” said Nationwide’s Mark Hackett. “While the strength of the market is notable (gains in six of the last seven weeks, 28th record close of the year), the stability of the market is more impressive, with no daily move over 1% in over a month.”
The record-breaking rally in US stocks took a breather on Tuesday as traders awaited a speech from US Federal Reserve (Fed) Chair Jerome Powell ahead of inflation data due later in the week.
The S&P 500 Index was little changed at 9.45 am in New York, with the gauge stalling around all-time highs. The tech-heavy Nasdaq 100 Index also held steady. The week is light on data, with traders preparing for Friday, when the Fed’s preferred inflation gauge — the core PCE index — is released.
