S&P 500: Tech-led pullback after record highs – Deutsche Bank

Deutsche Bank’s Jim Reid reports that the S&P 500 slipped slightly, recovering late in the session after Trump called off planned strikes on Iran. The index still logged its worst two-day performance since March from record highs, with tech and the Magnificent 7 underperforming, while the equal-weighted S&P 500 posted gains, signalling broader market resilience.

Index cools but breadth looks firmer

"Trump’s post that he called off planned new strikes against Iran helping the S&P 500 (-0.07%) erase most of its intra-day decline towards the end of the session, while 10yr Treasury yields stabilised after touching their highest level in over a year at 4.63%."

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"The S&P 500 (-0.07%) ended the day with a marginal decline, with Trump’s post helping it recover from -0.75% down an hour before the close."

"After its sharp decline last Friday, the S&P still posted its worst two-day performance since March, albeit only down -1.31% in that period from Thursday’s record high."

"Tech stocks took a larger hit, with the Magnificent 7 (-0.64%) and the NASDAQ (-0.51%) seeing a more material pullback."

"But the broader mood was more positive, with the equal-weighted S&P 500 rising by +0.58%."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)