S&P Rally May Be Topping Out, Dan Niles Warns, Amid Demand Pull-In, Economic Uncertainty, And 'Sell The News' Risk

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S&P Rally May Be Topping Out, Dan Niles Warns, Amid Demand Pull-In, Economic Uncertainty, And 'Sell The News' Risk - Benzinga

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What Happened: Niles, founder of Niles Investment Management, shared on X that the S&P 500, as tracked by SPDR S&P 500 (NYSE:SPY) has rallied 14% from its April 8 lows through May 2, driven by “better than feared guidance during earnings season and hopes of 90 trade deals in 90 days.”

However, he now believes “there is not much upside left to this rally,” noting troubling signs as even strong performers like Amazon.com Inc.(NASDAQ:AMZN) and Apple Inc.(NASDAQ:AAPL) declined on Friday despite beating quarterly expectations.“It would not surprise me if the actual announcements turned into sell the news events,” Niles wrote.

Fund manager Dan Niles suggests the recent stock market rally may be running out of steam as pull-forward demand artificially boosted first-quarter results and economic uncertainties mount.