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Last week, the S&P 500’s nine-week winning streak came to an end as all three major indexes pulled back.
On Monday, it looked like the pain might be over. But that selling pressure continued today.
As I write this, the S&P 500 is down 0.8%, the NASDAQ dropped 1.7% – after briefly paring losses of as much as 3.5% – and the Dow is currently flat.
As I explained in a Special Market Podcast to my followers, the weakness has been mostly tied to profit-taking in AI-related stocks. The reality is the market was overbought after the big run we’ve seen in chip, memory and AI infrastructure names.
