According to BlockBeats, while the U.S. stock market may continue to break records on June 2nd, Wall Street analysts who track the market are not in a hurry to keep up with the rally. Researchers are downgrading their ratings on S&P 500 companies.
Jefferies data shows that the proportion of stocks in the broader Russell 3000 index with a "buy" rating is almost unchanged from four years ago, well below the peak levels seen during the dot-com bubble. Whatever the exact reasons behind this renewed skepticism, it's seen as a positive development. Conversely, this means market sentiment hasn't yet reached the extreme bullish levels that typically signal a market top.
"I typically consider market sentiment from the perspective of 'more new buyers or sellers,'" said Andrew Greenbain, senior vice president of equity research product management at Jefferies. "Currently, there are no signs of buying on the sell side." (Jinshi)
