The stock market goes through a long period without selling more than 2%. In particular, the longest period without sales since the financial crisis until now.
Wall Street’s climb to record highs comes with a bit of a twist.
The S&P 500 has lost 377 days with less than 2.05% trading. This is the longest period of calm since the Great Financial Crisis, according to FactSet data compiled by CNBC.
The index has not recorded an increase of more than 2.15% during this period.
That market slowdown comes as investors flock to megacap tech stocks like Nvidia amid bets that artificial intelligence will boost profits.
Year to date, the S&P 500 is up more than 14%.
Expectations of rate cuts from the US Federal Reserve also boosted the broad market index in 2024.
“At a high level, the clouds of macroeconomic uncertainty lifted in the last 12 months, as the easing of inflation provided the necessary clarity on the future path of monetary policy,” said Adam Turnquist, chief technical strategist at LPL Financial.