Get Mike Santoli's Market Memo in your inbox first. SUBSCRIBE HERE The difference between a restorative rest and unhealthy stagnation is time. Distinguishing between resilience and fatigue isn't always easy. The S&P 500 has been sideways for months, last week dipping to levels first reached on June 1. It has spent nearly all of the last three months within the range the index traveled during a peppy two-day rally Aug. 3-4. Along the way, the former leaders of the AI trade, captured in the iShares AI Innovation ETF, have collapsed by 35 percentage points relative to the equal-weight S&P 500, then regained half the loss, then gave up most of that bounce.
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