S&P 500 Flashes Signs of Fatigue as Gold Tumbles: Markets Wrap

A rally that put stocks on the brink of all-time highs wavered as calls for a breather surfaced amid signs of buyer exhaustion. Gold and silver saw steep losses as the dollar rose.

Equities struggled to gain traction, with the S&P 500 closing little changed. Despite recent de-risking amid concerns over trade and credit, stock exposure among global macro hedge funds and long-only strategies remain at the highest in over a year, according to Barclays Plc.

Gold tumbles.

Photographer: Matt Jelonek/Bloomberg

“Our near-term technical outlook is for equities to consolidate/pull back over the next few weeks,” said Craig Johnson at Piper Sandler. “We view ...