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CNBC Daily Open: Could the market bears be right?

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Despite the S&P 500’s five-month rally, some market bears refuse to concede. And numbers yesterday might back them up.

' Scott Rubner's words, "positioning and sentiment … is Euphoric.") But Kolanovic is skeptical that hoped-for outcome will happen. Instead, the bank "anticipat[es] the inflation decline to prove incomplete, leaving restrictive policies in place that should increase private sector vulnerabilities and end the global expansion," Kolanovic wrote.

It's a warning echoed by Adam Phillips, managing director at EP Wealth Advisors. "We've seen progress, that's all well and good, but let's not celebrate just yet," he said, pointing out that gas prices are at monthlong highs, which might cause prices to rise again. Even Rubner, not a typical market bear, acknowledged the inescapable pull of gravity. "I am so bullish, that I am actually bearish now for August. I am looking for a small-ish equity market correction in August," he said in a Monday note.

Movements of major indexes back those analysts' comments. The S&P fell 0.27% and the Nasdaq Composite slid 0.43%. But the Dow Jones Industrial Average eked out a 0.2% gain and even touched its highest level since February 2022 during the session. Separately, U.S. manufacturing activity in July contracted for a ninth straight month, according to the ISM manufacturing Purchasing Managers' Index. Employment vacancies in June

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