S&P 500 pullback may provide a rebalancing opportunity: Wells Fargo
hit a soft patch in April. Wells Fargo also noted that sticky inflation readings and the lower probability of multiple Federal Reserve interest-rate cuts this year led to higher long-term rates.
"We believe this ultimately weighed on equity prices, especially areas that are more rate-sensitive ," said the bank. "While the index remains in an uptrend and has bounced from oversold conditions, equities remain in a corrective phase that we think could linger until the path of inflation and Fed rate cuts becomes clearer."that modest pullbacks of 5% to 10% are typically called "garden variety," as they are commonplace in equity market investing.balance between prices and fundamentals," Wells Fargo adds.
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