Stock market snooze fest 💤

At least 8 of the major market narratives haven't changed much in recent weeks 📰

The market moves have been pretty small. (Source: S&P Dow Jones Indices)

The stock market hasn’t been doing much lately.

After the market closed on Monday, eToro’s Callie Cox observed that the S&P 500 had gone six straight days making moves of less than 0.5%. It was the first such streak since November 2021.

Similarly, S&P Dow Jones Indices noted that 25 of the S&P’s last 30 trading days through Monday came with moves of less than 1%.

Tuesday extended this trend, with the S&P 500 shedding 0.6%.

Callum Thomas

, author of

The Weekly S&P500 #ChartStorm

, has been joking that the S&P has essentially gone sideways since the beginning of Q2. Indeed, the index has traded in a tight range of 4,048 to 4,186 during this period.

(Source: @Callum_Thomas)

Considering we’ve spent most of the past month neck-deep in earnings season during a time when economists continue to warn of an impending economic recession, you might think developments in the news might spark more volatility.

But most of the recent developments have confirmed known narratives that — on net — have trended favorably.