The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.
Spencer Platt | Getty Images
This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.
A bit of heaviness to close a strong month so far, with strength in the post-split crowd faves propping the Nasdaq and mitigating the downside in S&P 500.
Overall story remains a resilient, persistent rally, the kind that tends to happen within but not at the very end of a bull market, has built up some short-term extremes – which opens the tape to a bit of give-back soon without much of a reason needed. Worth noting a fairly normal, statistically not-unlikely 10% correction from here would not even return the S&P to its July 1 level. Not a prediction – I doubt we need 10% just to unwind the technical/sentiment extremes — but just some perspective.