S&P 500 Rally Hits a Wall Near Its All-Time Highs: Markets Wrap

Wall Street’s rally is showing some signs of fatigue on speculation stocks have run too far amid economic and geopolitical risks. Longer-term Treasuries underperformed. Oil bounced from its biggest two-day plunge since 2022. The dollar fell to a three-year low.

Just a few points away from its all-time high, the S&P 500 wavered. The Nasdaq 100 edged up, with Nvidia Corp. hitting a record. In late hours, Micron Technology Inc. gave an upbeat forecast. The Russell 2000 lost 1.2%. The yield gap between 30-year and five-year bonds is near levels last seen in 2021. The curve steepening is a wager the Federal Reserve will cut rates eventually while concern about debt issuance will pressure longer-term maturities.