-- Asian stocks were mostly set to open weaker after US equities pulled back from a rally that drove the S&P 500 to multiple records, spurring speculation the market has gone too far, too fast.Boeing CEO to Step Down in Overhaul Sparked by Safety Crisis
In a sign of how overheated the stock market has been, the S&P 500 finished last week 14% above its 200-day moving average. Goldman Sachs Group Inc. strategists are sticking with their year-end prediction of 5,200 — but have a scenario in which tech megacaps lead the index up to 6,000. “The big surprise this year has not been so much the resilience of the economy, but rather the substantial capitulation among the bears and bearish community,” Stoltzfus said. Profit taking, particularly in Big Tech, is expected and normal — and any near-term volatility is opportunity to “catch babies that get thrown out with the bath water,” he noted.
Lucid Group Inc. is getting a $1 billion cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund, providing the troubled electric carmaker with a needed lifeline.
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