But history shows that periods of extreme market calm rarely last. After widening earlier this year, the number of stocks leading the market’s advance has narrowed again lately, alarming some investors. The S&P 500 would be down over the past 30 days, for example, if all the stocks were given the same status. The SPDR S&P 500 ETF Trust, the largest S&P 500 exchange-traded fund, has posted its 14 slowest days of the year in May and June, based on the number of shares changing hands, according to FactSet. The S&P 500 is currently trading at 21 times its expected earnings over the next 12 months, above its 10-year average of 18.1.

Source: Wall Street Journal June 16, 2024 11:15 UTC