Software stocks have sunk. Defensive names, including consumer-staples stocks like Walmart and Costco, have rallied. Yet, despite all of the chaotic moves seen in the U.S. equity market over the past few months, the S&P 500 has remained remarkably steady.
The S&P 500 is caught in an extremely narrow trading range. What’s happening beneath the surface could decide where the index goes next.
Software stocks have sunk. Defensive names, including consumer-staples stocks like Walmart and Costco, have rallied. Yet, despite all of the chaotic moves seen in the U.S. equity market over the past few months, the S&P 500 has remained remarkably steady.
Last updated: April 3, 2026, 9:40 PM
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