The S&P 500 was virtually unchanged in early trading and on track for a fifth straight month of gains, which would be its longest streak in nearly two years. The index is still close to its highest level in nearly 16 months after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession.
But big names in the market, such as Rob Arnott at Research Affiliates, are warning not to be "overly hasty in popping the champagne corks." Arnott sees the possibility of inflation rebounding again later this year, even though it's cooled considerably recently. Both stocks have soared this year, in part on expectations for strong continued growth, and they'll need to deliver to justify the big moves. Both Apple and Amazon are up more than 50% so far this year.
ON Semiconductor rose 2.9 per cent for one of the larger gains in the S&P 500 after reporting stronger profit for the latest quarter than expected. The company, known as onsemi, also gave a forecast for profit in the current quarter that topped analysts' expectations.