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U.S. stocks bend, don’t break after 30% rally from lows - BNN Bloomberg

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Stocks lost a bit of steam at the start of August as a rally that pushed the market up about 30 per cent from its lows spurred calls on a near-term pullback.

Just a few days ahead of the all-important jobs report, data suggested some softening in demand for workers in a still tight labor market. The numbers weren’t enough to entice investors, who also grappled with a mixed bag of corporate earnings. The S&P 500 finished the session with a loss of just 0.3 per cent. Bonds fell, with the 30-year yield hitting its highest since November as the Treasury prepares to ramp up issuance of longer-dated securities.

“Rising equity allocations and falling bond allocations mark a reversal from the bond love and equity hate that built during 2022,” Subramanian added. Oppenheimer Asset Management’s Chief Investment Strategist John Stoltzfus lifted his target on the S&P 500 index to a Street high, a day after Morgan Stanley’s Michael Wilson, one of the market’s leading doomsayers, sounded less bearish than usual.

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