00:00The S&P 500 ended lower on Wednesday, pulled down by declines in JP Morgan, Blackstone and other financials while Nvidia and Alphabet lifted the Nasdaq as investors shifted to AI-related stocks.
00:12The drop in the S&P 500 followed an intraday record high earlier in the session.
00:17Nvidia, Microsoft and Alphabet rose as investors shifted back into AI stocks following recent worries they were overvalued.
00:25The S&P 500 lost 23.89 points to end at 6,920.93 points, while the Nasdaq Composite gained 37.102 points to 23,584.28.
00:38The Dow Jones Industrial Average fell 466 points to 48,996.08.
00:45For today, you know, we have obviously a mixed market, but a lot of it is just still digesting some of what's gone over the last few days.
00:55We've had a pretty strong start to the year in 2026.
00:57Some of the things that had kind of fallen by the backside a little bit towards the end of the year surged early to start this year.
01:06We've had a lot of kind of give and take.
01:08The start of a new year, start of a new month even, can be a lot of just people repositioning, whether it's new money coming in that they're investing or just rebalancing.
01:18So we try not to read too much into it.
01:19But I think the big picture here is we're off to a very strong start, but it's following a very strong couple of years.
01:27And, you know, we've seen an increase in volatility.
01:30For example, last year we had a pretty big pullback early in the year.
01:34We expect that to kind of continue this year as well.
01:37It's year two of an election cycle and so forth.
01:40So I think people are still trying to figure out, you know, how do they want to be positioned?
01:43What are the things that they don't own that they'd like to own?
01:46You're just going to see a lot of, I think, give and take in terms of leadership and maybe a little bit of a pause, you know, after the strong start.
01:55That wouldn't surprise us at all.
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