Stocks were little changed Wednesday as traders digest a gain in the previous session that brought the S^P 500 to a fresh record.
The S&P 500 rallied more than 1% on Tuesday, along with the Nasdaq Composite after February U.S. inflation data came in about in line with expectations.
“We don’t think it is going to be the Fed that kills this economic cycle. Ultimately what determines the end of this expansion is going to be based on whether we have some kind of shock … Otherwise, you can be in what we would consider late cycle for a considerable amount of time,” Gabriela Santos, global market strategist at JPMorgan Asset Management, said on CNBC’s “Closing Bell.”
The bull market for stocks has shown signs of broadening out in recent weeks, but chipmaker Nvidia still remains a key bellwether. Shares of Nvidia rose more than 7% on Tuesday, erasing nearly all of their losses from the prior two sessions and bringing the year to date gain to about 86%.