Santoli: The S&P 500 is within striking distance of record as bull relies on familiar leadership

Get Mike Santoli's Market Memo in your inbox first. SUBSCRIBE HERE When there's a strong undertow near the beach, the move is to swim sideways, traveling parallel to the shore to reach a point beyond the narrow rip current's pull. The stock market seems to have executed such a cautious, patient maneuver. Months of bend-don't-break action had kept the S&P 500 within sight of record highs while that undertow pulled at parts of the market most exposed to higher oil prices, rising interest rates and a tiring household sector: consumer cyclicals, industrial shares and, lately, the banks. Meantime, semiconductor stocks and most of the mega-cap tech platforms were convalescing as AI-overspending fears eroded investor conviction and compressed valuations.