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Stocks - Profit-Taking and Fatigue Keep Market in Check

Investing.com - On the surface, the stock market went nowhere. The reality was a bit different. The open was strong, stocks shot seriously higher just as they had in the prior five days, and then the rally stalled.

The result was the S&P 500 ending flat, off 0.03%. The Dow Jones industrials also lost 0.05% and the Nasdaq Composite ticked down 0.01% -- less than a point.

There wasn't a lot of news to push markets around. President Donald Trump didn't complain much about the Federal Reserve, although the 10-Year Treasury yield closed down slightly at 2.14%. Trade tensions seemed mostly put away for the day.

Cisco Systems (NASDAQ:CSCO) and Costco Wholesale (NASDAQ:COST) hit 52-week highs. Microsoft (NASDAQ:MSFT) also hit a 52-week high of $134.24, but then fell back.

Oil prices were flat. WTI futures were up 1 cent to $53.27. Brent Oil Futures, the global benchmark, were flat at $62.29 a barrel.

Clearly profit-taking was at work -- for good reason. The S&P 500 had risen 5.3% since June 3 through Monday. The Dow had jumped 5% between May 31 and Monday. The Nasdaq's gain between June 3 and Monday was 6.7%.

And maybe it was just a day for a pause.


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