For now, according to Melson, this means investors are “sitting on their hands, biding their time.”
This attitude was reflected in the three Wall Street benchmarks on Tuesday, which swung between positive and negative territory throughout much of the day, before finishing the afternoon with some decent momentum.
The S&P 500 gained 21.22 points, or 0.38 per cent, to 5,633.07 points, while the Nasdaq Composite climbed 150.60 points, or 0.87 per cent, to 17,449.89. The Dow Jones Industrial Average edged down 11.80 points, or 0.03 per cent, to 41,989.96.
Gains on the Nasdaq and S&P 500 were fueled by rebounds in technology stocks, which have been among the most punished in the opening weeks of the year.
Big-tech advances were led by Tesla, which climbed 3.6 per centahead of its first-quarter vehicle deliveries report on Wednesday. There were also gains for other Magnificent Seven stocks including Amazon, Microsoft and Meta, which rose between 1 per cent and 1.8 per cent.
The S&P, however, was also weighed down by falls in healthcare and airlines.
