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Markets today: 'priced for perfection' U.S. stocks see rally stall

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Stock traders decided to take some chips off the table at the start of a week that will bring the Federal Reserve’s preferred measure inflation — on a day when markets will be closed.

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“We continue to see sentiment as stretched and think a U.S. equity market pullback is overdue,” said Lori Calvasina at RBC Capital Markets. “That’s quite stretched historically,” said Jonathan Krinsky at BTIG. “The big question is: do we get a correction through time, or price. The latter has been elusive for the last five months, but we do think there is a window here for some modest price weakness.”

The combination of healthy U.S. economic data, expectations the Fed will cut rates and optimism about artificial intelligence have all driven the S&P 500 up almost 10 per cent this year — leaving many year-end forecasts in the dust. Strong corporate earnings, economic resilience in the face of higher interest rates and “prospects for innovation” have prompted Oppenheimer Asset Management’s John Stoltzfus to raise his year-end target on the S&P 500 Index to 5,500 — joining Societe Generale for the highest forecast on Wall Street.

Lucid Group Inc. is getting a $1 billion cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund, providing the troubled electric carmaker with a needed lifeline.

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