{"id":183682,"date":"2025-09-26T20:20:07","date_gmt":"2025-09-26T20:20:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/183682\/"},"modified":"2025-09-26T20:20:07","modified_gmt":"2025-09-26T20:20:07","slug":"sp-500-pullback-held-to-a-minimum","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/183682\/","title":{"rendered":"S&P 500 pullback held to a minimum"},"content":{"rendered":"

(These are the market notes on today’s action by Mike Santoli, CNBC’s Senior Markets Commentator. See today’s video update from Mike above.) A firm finish to the week for stocks keeps the S & P 500 ‘s multi-day pullback to a minimum. With every excuse to retreat more notably \u2014 technical overbought conditions, unfriendly seasonal patterns, sell-the-news responses to flashy AI\/chip news and a bump in Treasury yields \u2014 the index was only off 0.30% this week, less than a percent from the Sept. 22 record high, and hasn’t had even a 3% dip since May. The self-supporting rotational action and hair-trigger dip-buying reflex is underpinning this resilience, with some mostly expected but reassuring data on personal income, spending and PCE inflation providing cover. The equal-weighted S & P too is dead flat for the week. The action is not without its blemishes: The mega-tech leaders have been less reliable, regional banks have taken a step back and previously strong groups such as travel stocks have tired. Still, laggards waking up ( energy and some other commodity plays) and the constant handing of the baton from one Mag 7 name to another (one day Tesla , another Apple ) is keeping the tape on the rails. The slight upside to personal income and spending and on-target core PCE leaves undisturbed the core macro premise of this phase of the bull market: The Fed has room to trim rates even with the economy seeming far from recession and inflation on a plateau well above the 2% target. The equity market will always be fine with 5% nominal GDP (2% real, 3% inflation) so long as the bond market doesn’t rebel and the Fed doesn’t rush to choke off growth. So far, this is the case, with the 10-year Treasury up from 4% ten days ago but still at benign readings under 4.2%. Froth has been skimmed from some areas (crypto, quantum, recent IPOs) but hardly enough to notice on the year-long charts. Investor sentiment is content and optimistic without appearing to tip into dangerous aggression. The AAII retail-investor survey shows only slightly more bulls than bears. Three days of small losses and faintly hawkish Fed speeches dropped the CNN Fear\/Greed Index from greed back to neutral. None of this means stocks are free of seasonal concerns or present a sweet risk\/reward setup. Quarter-end rebalancing hovers over the market, valuations are high, credit spreads already so low they probably can’t hope for more, and the AI skepticism story that reached a loud din this week won’t go away soon. We’re starting to get splashy high S & P 500 targets for next year from some strategists. Still, for this week, it’s the anxious bears who are likely coming away more frustrated that the worry-free bulls, despite slim losses for the S & P.<\/p>\n","protected":false},"excerpt":{"rendered":"(These are the market notes on today’s action by Mike Santoli, CNBC’s Senior Markets Commentator. See today’s video…\n","protected":false},"author":2,"featured_media":183683,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[11623,116,28,122,23679,106398,56729,113,112,117,37284,10058,108255],"class_list":["post-183682","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-apple-inc","tag-breaking-news-markets","tag-business","tag-business-news","tag-cnbc-magnificent-7-index","tag-energy-select-sector-spdr-fund","tag-invesco-sp-500-eql-wght-etf","tag-investment-strategy","tag-markets","tag-sp-500-index","tag-spdr-sp-regional-banking-etf","tag-tesla-inc","tag-us-global-jets-etf"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/183682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=183682"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/183682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/183683"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=183682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=183682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=183682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}